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An FHA (Federal Housing Administration) loan is a government-backed home mortgage loan with more flexible lending requirements than conventional loans. Because of this, FHA mortgage interest rates may be somewhat higher. The buyer may also have to pay monthly mortgage insurance premiums, along with their monthly loan payments.
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Mortgage insurance. All FHA home loans have a requirement for mortgage insurance. It’s how the FHA covers the cost of insuring the loans. There are two types: an upfront mortgage insurance premium, paid when you take out the loan, and an annual mortgage insurance premium, which is an ongoing expense.
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· FHA mortgage loans can be invaluable if you need a loan but don’t qualify for a conventional mortgage. Still, the hefty monthly pay requirements can certainly be a deterrent.
Mortgage Insurance Premiums. To qualify, the FHA charges single upfront mortgage insurance payments (MIP) along with annual mortgage insurance premiums. The upfront MIP are the same for all, which is 1.75% of the loan amounts and can be financed directly into the mortgage loans.
To further entice FHA mortgage holders, the FHA also offers upfront mortgage insurance premium (upfront MIP) refunds. This refund allows a portion of the premium paid when the original FHA loan closed to be applied to the upfront MIP of the new FHA streamline refinance loan. Check today’s FHA streamline refinance rates here.
Monthly mortgage insurance premium amounts are also determined by the loan term – whether an FHA loan is 15 or 30 years – and the initial loan-to-value ratio on the home when the borrower.
FHA loan requirements. A mortgage through the Federal Housing Administration is one of the easiest home loans to get. Because the FHA provides insurance on the mortgage, FHA-approved lenders are often able to offer more favorable rates and terms.
FHA loan requirements include a 500 credit score and a debt-to-income ratio of 50% or lower. Find out if you’re eligible for an FHA loan and get matched with a lender.
The primary disadvantage to an FHA cash out loan is the associated mortgage insurance. FHA loans require an upfront and monthly mortgage insurance premium (MIP). These fees are as follows: