While this program may not work for everyone, there are buyers out there who should be taking advantage of this. Here’s the deal:
Purchase transactions on FHA 15 year loans where the borrower can put 10% down will have no monthly Mortgage Insurance Premium (MIP)!
This means you can utilize the more flexible underwriting guidelines of FHA loans, including that the entire down payment can be gifted from a family member, and still not have to pay any monthly MIP without needing to put 20% down.
Contact us to see if this might be a good scenario for you, or utilize one of our mortgage calculators here to see what a 15 yr payment would be.Greenfront Mortgage 530 314-2030