How does NO MIP on an FHA Purchase/Refi sound?

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
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One Response to How does NO MIP on an FHA Purchase/Refi sound?

  1. Administrator says:

    This is only going to last thru March. FHA case numbers assigned on or after April 1st 2012 will be subject to a .35% annual MIP. This was just announced along side the upcoming April 1st MIP increase set by HUD last week.

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