talk to hls, at 10%, fha

[temeculaguy]

talk to hls, at 10%, fha might not be the most cost effective, at 3.5 or 5% it has more merits.

There are two costs to fha PMI and they are unique to fha, there is upfront fee and a monthly.

http://www.fha.com/mortgage_insurance.cfm

1.5% upfront insurance premium and
.5% annual premium paid monthly

so 6k upfront and 2k per year or $170/mo on top of that.

You can get the seller to pay the 6k as part of the deal and then you pay the $170 until you get to the required equity level.