[quote=Rich Toscano][quote=bearishgurl] Why not take the $12,771 and add it to the downpayment and try to buy FF with a 95% LTV mortgage? (PMI is surely the lesser of two evils.)
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Because FHA loans are assumable.[/quote]
IMO, current MIP is a VERY high price to pay for “assumability.”
Acc to some on this board . . . ahem . . . “assumability” means nothing because a buyer who wishes to assume today must jump thru all the same hoops as a buyer qualifying straight away for a new mortgage.
Rich, do you know what the “assumption fee” is on FHA loans?