U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 03-22-2010, 02:19 PM
 
2 posts, read 2,600 times
Reputation: 10

Advertisements

I am doing a home purchase with an FHA loan. I thought MIP to be 1.75% of the financed amount and it could be either paid in cash at closing or financed. I had planned to pay this in cash at closing. The bank tells me today that I have to pay 1.75% at closing (in cash) and in addition I have 1.75% rolled into my loan - so I am paying 3.5% not 1.75%... Does this make sense to anybody?
Thanks-
Reply With Quote Quick reply to this message

 
Old 03-23-2010, 08:02 AM
 
174 posts, read 414,465 times
Reputation: 112
I don't think that sounds right. If loan amount is 100k...down payment 3.5%...loan amount is $96,500 * 1.75% MIP ($1,688.75) + original loan amount is $9,8188.75.

This is the total amount of your mortgage. On top of that is the monthly FHA Mortgage Insurance (similar to PMI).

Maybe I'm wrong too but I'm pretty sure this is correct.
Reply With Quote Quick reply to this message
Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top