FHA Mortgage Insurance - MIP Explained

FHA Mortgage Insurance - MIP Explained
Some of the nuances and differences with FHA, like how it doesn't go away, how its calculated monthly, the up front portion and more!

[Jack-kkwc]

Is the 1.75% premium applied to the purchase price or the loan amount after down payment (purhcase price - down payment)?

[Freedomrose]

Hi so I'm wondering what was fishy about my alarm I'm having problems now with them trying to close on me and I've actually been trying to pay them for two years my hardship was before covid and I got over it and they hadn't accepted a payment and my insurance also fell off at 80% or 20% down which is about 10 years so how come I got a FHA loan and the insurance to where it does come off? Also I think they weren't taking my payments because they filed a claim with them and now that the insurance has dropped off they're trying to close on me and denied me already because they sent me a new contract that was really really bad turning everything over to them pretty much just so frustrated

[MarsM]

Does the cost of the insurance go down if you pay a significant chunk of the FHA loan? Like I have 60, 000 left on a 65, 000 mortgage. If I pay 8000 on the principle this year, will the monthly insurance payment go down?

[josepenaherrera]

Please confirm if it goes away after 11 years now days even if only 3.5 % is put down as down payment ?

[JWN]

That was the worst explanation man, you have to make it easier for people learning..no offense to you but you have to slow down