FHA Upfront Mortgage Insurance Premium (UFMIP)

Looking to purchase with a no or low down payment home loan? FHA may be a good option for you. One thing to be aware of with FHA is that is has a one-time upfront mortgage insurance premium (UFMIP) that can either be financed into the loan or paid at closing. Scott covers the topic of FHA UFMIP and how it impacts your loan amount, monthly payment and how you can get a refund of your UFMIP.

CHAPTERS:
00:00 No & Low Down Mortgage Options
01:07 How Much is FHA UFMIP
01:37: How is FHA UFMIP Calculated
02:25 FHA Loan Limits with UFMIP
02:55 Finance UFMIP or Pay at Close
03:50 FHA UFMIP Refund

Related Videos:

Whenever you're ready...here are some ways we can assist with your next home purchase:
📙 Download our Homebuyer Guide: Things to Consider When Buying a Home.
🤑 Get the list of the No & Low Down Mortgage Options (in Colorado) so you can purchase your next home with less money than you thought possible.
🚀 Want a boost in your credit score? Most advice about credit is generic or misleading and can hurt your home loan qualifying position. Take advantage of our Credit Booster Program and we'll provide the exact steps you need to take to boost your credit score fast with a home purchase and mortgage pre-approval as the top priority!
⛰️ Want a pre-approval that makes buying a home easy? Find out how our Rock Solid Pre-Approval provides you with the confidence you can buy a home and are utilizing the best home loan option to do so.

Scott Wynn
Wynn & Eagan Team at Citywide Home Loans
Mortgage Advisor
[phone]

This is not a commitment to lend. Program restrictions apply.
11990 Grant Street, Suite 120, Northglenn, CO 80233

[Crazytaco]

Hey Scott, thank you so much for this video. It was very helpful to me.

[johnjones]

If the up front premium is financed. Why does that number show up in the closing cost. Looks like your double paying the up front mortgage premium. Once in financing back into loan and charged again in the closing cost.

[V.ALFONSO]

Closing cost is showing UFMIP . Total closing cost $21, 000 with UFMIP included, since UFMIP will be financed do I subtract it from the $21, 000 and that will be my closing cost?

[terrellhibbler]

Great video but my ? Is do you always have the option to finance that upfront mip into the loan?

[ticatoc]

Hey Scott I paid the the pmi out of pocket and am still paying monthly pmi on my mortgage

[adamgonzalez]

If you opt to pay the 1.75% at closing, does this amount get deducted from your base loan? Or does it just leave the base amount on the loan as is?

[tonylg]

So the pmi it’s 1.75 every year or do the whole amount ?

[zgkgfmx]

My lender didnt give me option to finance the MIP. Im closing next week and really dont want to pay an extra 4700 for the MIP. I am going to ask about financing.

[latanyaquinn]

The PMI I'm getting for that calculation ends up being around an extra $200 for monthly PMI on FHA opposed to the $23 per month.