Is mortgage insurance required with an FHA loan?

Answer FHA (Federal Housing Administration) home loans do require mortgage insurance, but it tends to be less expensive than PMI (Private Mortgage Insurance). FHA mortgage insurance costs 1.5 percent (of ... Read More »

Top Q&A For: Is mortgage insurance required with an FHA loan

Why is PMI required for a mortgage loan?

PMI stands for private mortgage insurance, which is an insurance policy taken out to protect lenders in the event that the borrower does not repay the loan. The cost of PMI is based on the size of ... Read More »

How much of a down payment is required on an fha mortgage loan?

An FHA mortgage requires at least a 3.5 percent down payment as long as your credit score exceeds 580. If your credit score does not meet this requirement, you must put down at least 10 percent.Ref... Read More »

How to Get a Loan Without Private Mortgage Insurance (PMI)?

For many individuals and families who are looking at purchasing a home, or any other real estate, private mortgage insurance (PMI) can be a major cost factor. This kind of insurance is expensive an... Read More »

How to Get Rid of Private Mortgage Insurance (PMI) on an Existing Loan?

Many mortgage lenders require borrowers who are putting down less than 20 percent of the value of the home they are buying to purchase Private Mortgage Insurance (PMI). PMI is an additional monthly... Read More »