Many people ask me if they have to pay monthly mortgage insurance on an FHA loan.
The answer is “yes”. Unless…
There are really only two ways around monthly mortgage insurance on an FHA loan…
1) Do a 15 year mortgage and the loan to value ratio has to be under 90%.
2) Do a 30 yr fixed fha mortgage. Pay MI for 5 years – then you can get rid of it if the loan to value ratio is under 78%.
Thanks for reading and have a great day!
Brett
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