is mortgage insurance thru FHA dependent upon credit score?

The PMI on a FHA mortgage is 1.35% regardless of your credit score. Your minimum credit score for FHA is 620. There are additional programs coming out where only 3% down is required instead of the 3.5% that FHA requires. More information about the 3% down product will be available next week. Please feel free to call me at 804-836-7244 or email me at Sarah@priorityfin.com with any questions that you have. Thank you

Hi Char, No the FHA MI is not credit score dependent like conventional PMI is. The good news is FHA probably isn't your best option. Glade Hill, VA is an area that's eligible for the no money down USDA mortgage. One of the best things about the USDA program is the monthly mortgage insurance is substantially cheaper than FHA or conventional options. For example: On an FHA loan of $150,000, the MMI (monthly mortgage insurance) would add $168.75 to your monthly payment but on a USDA mortgage it would only add $62.50! The other nice thing is USDA will actually allow you to roll in your closing costs as long as the appraised value supports it.| Please feel free to contact me for more information or help. | John Burke | Senior Mortgage Banker | Great Plains National Bank http://www.usdamortgageonline.com | (877)228-9069 | Lending in ALL 50 states

FHA mortgage insurance does NOT vary by credit score. Conventional loan mortgage insurance can vary by credit score. FHA JUST today announce their monthly mortgage insurance is dropping to .85%. More details to follow on that... For FHA loans in MN, Wi, and SD - visit www.MortgagesUnlimited.biz

The PMI is set no matter what your score for an FHA loan, 1.35@ on anything over 90% loan to value and 1.30% on 90% and below. The 3% down programs are now readily available. If you are a first time home buyer you should look into my community and home affordable programs.

The simple answer is no. Higher does not mean lower PMI.

Credit score is not used for FHA PMI.

FHA's mortgage insurance rate is not based on credit score.. it's based on down payment amount and the length of the loan. However, with 687 score, you might want to consider going conventional financing vs. FHA.. the MI on conventional is lower and after you have paid it for 2 year or more, it can be canceled once your loan to value is below 80%. With FHA, in most instances, it's for the life of the loan.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

FHA has fixed Upfront Mortgage Insurance costs (1.75%) and monthly (1.35%), however, we are hearing that there might be a change to the FHA costs here soon. If your credit is at 687 there are some conventional loan programs that allow for only 3% down payment that would possibly be a better option for you.