FHA Mortgage Insurance: What Is MIP? | Zillow
https://www.zillow.com/learn/fha-mortgage-insurance/
WebAug 1, 2023 · There are two different types of FHA mortgage insurance premiums, and all FHA borrowers will pay both. Upfront MIP: Protects the lender in case the borrower defaults. This is a one-time payment equal to 1.75% of the loan amount, due at closing with other closing costs. Annual MIP: Helps cover the cost of the FHA’s insurance program. For …
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