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FHA- PMI/20%


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loan amount less than 625,500k with less than 5% down 1.35% of loan

you devide the # by 12mos to get monthly rate 100k*1.35% =$1350/12=$112.50 a month

with 5% down or more 1.3% of loan balance

 

loans greater than $625,500

less than 5% down 1.5% of total loan balance

with 5% down or more 1.45%

 

you will pay it regardless of the down payment

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For most people the 30 will be 1.75% upfront PMI plus the 1.35% monthly. The monthly is for the life of the loan and will not go away

 

If you can get a conventional loan it is a better option - the downside is it is a little tighter on credit and has a 5% minimum down payment

 

The rates for conventional may be a little higher than FHA but you should make up for it with the PMI lower for conventional

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