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??

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  • 1 decade ago
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    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?

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  • Anonymous
    1 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.

    Jason

    Source(s): www.whitmanmet.com
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  • 1 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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  • Anonymous
    6 years ago

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  • 3 years ago

    hi i'm right here for the 1st time. I got here upon this question and that i detect the solutions fairly powerful. i'm hoping to supply something back to the community and help others too.

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