Do I have to pay more for fha mortgage insurance on a new condo in NYC?
My FHA loan lender is insisting I pay 1.75 % of loan amount as upfront insurance (this is a condominium in NYC) in addition is asking me to pay 0.05% of loan amount / month for minimum 5 years for mortgage insurance.My question on FHA loan's:1. For condominium in NYC do they need upfront insurance?2. If I am paying over 20% of appraised value as down payment, do I need to pay additional 0.05% monthly for Morgage Insurance?Thanks by j0nnyb0y from , . Aug 11th 2009
Debra Clark (Debra Clark)
#146 ranked lender in California - 42 contributions
FHA loans do not use private mortgage insurance.FHA loans are loans that are insured by the federal government. in order to compensate the government (or, more appropriately, FHA, there is a mortgage insurance premium that is paid. The lender in this situation is correct.
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