FHA loans with terms of 15 years or less qualify for reduced MIP, as low as 0.45% annually. In addition, there is an upfront mortgage insurance premium (UFMIP) required for FHA loans equal to 1.75.
Because of the government-insured nature of the Home Equity Conversion Mortgage. but where do your positive feelings on HECM come from? That’s an extremely good question, I’m not sure anyone’s ever.
Looking to get prequalified for an FHA loan? A credit score of 580, two years verifiable work history and 3.5% down payment are a few of the requirements to.