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asked 8 months ago
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An FHA mortgage insurance premium consists of an upfront fee and a monthly fee, usually 1.5% of the loan up front and .5% annually spread over each month. This "insurance" is similar to any MI (mortgage Insurance) or Private mortgage insurance in that it insures the lender (the FHA only guarantees 80%) for the loan amount over 80%.
Hope this helps,
The Mortgage Buyer
Hope this helps,
The Mortgage Buyer
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