Is the upfront mortgage insurance premium negotiable?
posted by Bankruptcy Home Loans @ 1/17/2006
Tuesday, January 17, 2006
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1 Comments:
No. In order to cover some of the costs incurred by HUD for FHA loans, they must assess the upfront and monthly mortgage insurance to the home buyer. This upfront fee is 1.5% and the borrower will have to pay 0.5% annually in mortgage insurance premiums. However, if you're buying a condo, you don't have to pay the upfront mortgage insurance premium.
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