FHA Loans

FHA Mortgage Insurance

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    Upfront Mortgage Insurance Premium (UFMIP): Typically 1.75% of the loan amount, which can usually be rolled into the total financed mortgage. [1, 2, 3, 4]

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    Annual Mortgage Insurance Premium (MIP): Paid monthly, this usually costs between 0.45% and 1.05% of the loan amount annually. If you put down less than 10%, this premium lasts for the lifetime of the loan. [1, 2, 3]

Types of FHA Loans

Beyond the standard purchase mortgage (203(b)), the FHA offers specialized options: [1]

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    FHA 203(k) Loan: Allows buyers to bundle the purchase price of a home and the costs of home renovations into a single mortgage.

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    FHA 203(h) Loan: A disaster victim mortgage with no down payment required if you've lost your home in a presidentially declared disaster area. [1]

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