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Lender paid mortgage insurance
For conventional loan, it allows lender to pay mortgage insurance for the borrower. How about FHA?
With conventional loans there is a conventional mortgage loan program called lender paid mortgage insurance, which is also known as LPMI. In lieu of a slightly higher interest rate, the conventional loan borrower does not have to pay private mortgage insurance. With FHA, there is a mandatory upfront mortgage insurance of 1.75% which is a one time fee and is rolled into the FHA loan and there is a 1.35% annual mortgage insurance which needs to be paid for the life of the loan. With 15 year fixed rate FHA loans with 10% down payment, the upfront mortgage insurance premium is still 1.75% but the annual FHA mortgage insurance premium is 0.45% and can be canceled in 11 years.

I will look for some of the articles that I have posted on lender paid mortgage insurance and FHA mortgage insurance premium.


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