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to get a FHA mortgage do I have to get FHA insurance

to get a FHA loan do I have to get FHA insurance
By genebrown1571756 from PA Jun 2nd 2014
Reply

You only need to obtain regular home owners insurance.

Jun 2nd 2014

You will automatically have to pay the up front mortgage insurance premium of 1.75% which is financed into your loan and you will be required to pay monthly mortgage insurance as well. Every FHA loan is set up this way. You won't be required to get any special home owners insurance, like FHA insurance.

Jun 2nd 2014

You would be required to pay an upfront mortgage premium and monthly mortgage insurance. You would also to carry homeowners insurance with a carrier of your choice.

Jun 2nd 2014

This is a broad question. On FHA mortgages, there are two types of mortgage insurance premium (MIP). The first is upfront mortgage insurance premium (UFMIP), which is currently 1.75% and is typically added to the loan amount rather than paid at close. The second is monthly MIP, which varies by loan term and down payment. You will also need homeowner's insurance (also known as hazard insurance), but you can choose the company and policy as long as it has enough coverage for the lender.

Jun 2nd 2014

Yes, and that is why FHA allows the small 3.5% down payment.

Jun 2nd 2014

Yes, you will be required to obtain FHA insurance, this is why the FHA permits the small 3.5% down payment.~With FHA Mortgages, there are two types of Mortgage insurance. The first is upfront Mortgage insurance premium (UFMIP), which is currently 1.75% and is typically added to the Mortgage. The second is monthly MIP, which varies by Mortgage term and down payment. You will also need a homeowner's insurance policy "also known as hazard insurance", you can select the company and policy.~ Should you have additional Questions, Concerns or What ifs, Please contact us at Money@RonWohlfarth.com...

Jun 2nd 2014

YES, all FHA loans, regardless of down payment size, require mortgage insurance at least for awhile. www.Minneapolis-Mortgage.net

Jun 2nd 2014

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