FHA insurance cost

[jimmyle]

Assuming I am buying a $450K home, with 10% down payment and interest rate is 5.5%. Borrowing $405K, the mortgage is $2,289. How much do I have to pay for the FHA insurance?

Thanks,

[bill@yourfhaguru.com]

Your FHA Up Front Mortgage Insurance is 1.75% of the loan amount or $7,875.

If you are paying 5.50% you are paying to much.

[bill@yourfhaguru.com]

Your FHA Up Front Mortgage Insurance is 1.75% of the loan amount or $7,875.

If you are paying 5.50% you are paying to much.

[bill@yourfhaguru.com]

Your FHA Up Front Mortgage Insurance is 1.75% of the loan amount or $7,875.

If you are paying 5.50% you are paying to much.

[bill@yourfhaguru.com]

Your FHA Up Front Mortgage Insurance is 1.75% of the loan amount or $7,875.

If you are paying 5.50% you are paying to much.

[bill@yourfhaguru.com]

Your FHA Up Front Mortgage Insurance is 1.75% of the loan amount or $7,875.

If you are paying 5.50% you are paying to much.

[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.

[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.

[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.

[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.

[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.

[jimmyle]

The interest rate is just hypothetical. So I would pay a one time fee of $7,875 and no additional monthly payment?

Thanks,

[jimmyle]

The interest rate is just hypothetical. So I would pay a one time fee of $7,875 and no additional monthly payment?

Thanks,

[jimmyle]

The interest rate is just hypothetical. So I would pay a one time fee of $7,875 and no additional monthly payment?

Thanks,

[jimmyle]

The interest rate is just hypothetical. So I would pay a one time fee of $7,875 and no additional monthly payment?

Thanks,

[Author]

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