These premiums insure lenders and guarantee they will be paid even if a borrower defaults on their loan. You’ll have to pay both an upfront MIP and an annual MIP when taking out an FHA loan.

What credit score do you need to buy a house? Learn the minimum requirements for different loans and how to improve your ...

Mortgage options that require no downpayments include VA and USDA loans while low downpayment programs include FHA loans.

The recurring annual charge typically lasts for the life of the loan unless you refinance or make a minimum 10% down payment. If you put down at least 10%, the FHA MIP automatically cancels after ...

Your ongoing MIP cost depends on a various factors, including the mortgage principal, loan-to-value ratio, and loan term length. You can remove FHA mortgage insurance after 11 years if you made a ...

If you qualify for a no-down-payment mortgage, you could get a loan for the full purchase price of a home. Here’s what you need to know.

FHA loans don't come with private mortgage insurance, but borrowers do have to mortgage insurance premiums (MIP), which are slightly different: You'll pay 1.75% of the loan balance up front and ...

Because FHA loans require a lower down payment, there is less equity in the property and a greater need for MIPs. Borrowers make MIP payments for either 11 years or the life of the loan ...

Mortgage protection insurance can be an attractive option for homeowners looking to protect their investment and keep family members from financial troubles. This type of insurance policy covers ...

If you’re looking for an affordable option beyond a traditional site-built home, an FHA loan on a manufactured home could be ...