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acitymortgagelj
115 Posts |
 Posted - 05/07/2008 : 09:56:09 AM
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| Doesn't fha still require mi? And if yes, aren't the standards the same? I haven't found an mi company as of yet that will accept a 651 Alt A...Ideas? |
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MacMortgage
65 Posts |
Posted - 05/07/2008 : 10:50:06 AM
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Yes, FHA requires MI on any loan that has an amort term higher than 240 months.
It will be there a minimum of five years usually on a 30 year loan. Figure your monthly MI by taking the base loan amount and multiplying by 0.5%.
FHA might be the only ballgame for this loan, depending on how many MI companies that you have access to on the conventional side. |
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www.johnreiher.c
439 Posts |
Posted - 05/09/2008 : 3:01:11 PM
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I have an FHA payment calculator on my website. check it out.
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