If you get the traditional 3.5% down type FHA mortgage then yes, you have to pay for the life of the loan. A lot of people don’t realize this option is available for FHA (putting down more than 10% and saving all those mortgage insurance payment). For conventional if you put down 20%, you don’t have to pay any MI.
the new rules also will open up those loans to seniors in unapproved condo complexes. Minority homeownership lags the market by 20%, said FHA Commissioner Brian Montgomery. For example, FHA’s minimum.
Fha Home Mortgage Rate Loan. rate reverse mortgage at 5.875%. Back Story: My client was referred by his financial planner brother to craft a way for him to purchase a new property using a reverse mortgage so that he.
When you hear “FHA loan,” your first thought may be “low down payment.. programs will typically require a 20 percent down payment.