When someone wants to get an FHA loan, they are going to have to pay mortgage insurance - both in the form of "up front mortgage insurance" (UFMIP) and monthly mortgage insurance (MI). Both have been required on FHA loans for years - and from time to time, HUD comes out and changes the requirements for both the UFMIP and MI so that they either increase the amount required or decrease it. Current UFMIP and MIP Amounts In most of the FHA mortgage insurance program, FHA requires an Upfront … [Read more...]