Calculate your FHA loan payment with upfront and annual MIP. FHA loans require as little as 3.5% down — see your true monthly cost.
FHA loans are government-backed mortgages insured by the Federal Housing Administration. They're popular among first-time homebuyers because they require only a 3.5% down payment and accept lower credit scores.
MIP (Mortgage Insurance Premium) is required on all FHA loans. It has two parts: an upfront premium (1.75% of the loan amount, typically rolled into the loan) and an annual premium (0.55% for 30-year loans, 0.40% for 15-year loans, paid monthly).
An FHA loan is a government-backed mortgage insured by the Federal Housing Administration. It's popular among first-time buyers because it requires only a 3.5% down payment and accepts lower credit scores.
All FHA loans require MIP (Mortgage Insurance Premium). It has two parts: an upfront premium of 1.75% of the loan amount (usually rolled into the loan) and an annual premium of 0.55% (30-year) or 0.40% (15-year), paid monthly.
A: 580+ for the minimum 3.5% down payment. Scores of 500-579 require 10% down.
A: If you put 10%+ down, MIP cancels after 11 years. With less than 10% down, MIP lasts the life of the loan — you'd need to refinance to remove it.
A: No, anyone can apply. They're just more popular with first-time buyers due to the low down payment.