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Old 03-22-2010, 02:19 PM
2 posts, read 2,600 times
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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?
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Old 03-23-2010, 08:02 AM
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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.
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