First-Time Buyers Are Choosing Conventional Over FHA Financing
Pro Builder
MARCH 1, 2021
A borrower obtaining an FHA-insured mortgage pays $43,797 over the life of the loan in mortgage insurance (MIP) compared to only $31,908 in the case of loan backed by Fannie Mae/Freddie Mac where the borrower stops paying the monthly private mortgage insurance (PMI) on year 9 when equity reaches 20% the prior year. Read More. . Financials.
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