FHA Loan, Upfront Mortgage Insurance Premium?
I'm in the process of buying a house through the FHA loan. Anyway, is the mortgage insurance premium required if I am putting down 20% of the cost? And if so, instead of adding the insurance premium into my loan amount, can I just pay it cash??
- Expert8675309Lv 71 decade agoFavorite Answer
If you have 20% to put down, then my question is WHY are you doing an FHA loan?
Do you realize that you can get a better rate with another loan program?
- Anonymous1 decade ago
Why are you going FHA if you are putting 20% down? And yes, you do not have to finace the MI, it is just a option.
- Capt. ObviousLv 71 decade ago
If you are putting 20% down, mortgage insurance is not required, although it depends on the state.
If you were required to pay for insurance, cash is the WORST way to pay. There have been cases of people paying for insurance, thinking they were covered, when it turned out that an employee kept the cash and no record existed of payment. Paying by check (or electronically) is much better, since it leaves a trail.
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