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FHA loans are government-backed mortgages insured by the Federal Housing Administration. They allow down payments as low as 3.5% and are popular among first-time homebuyers. FHA loans require both an upfront MIP (1.75% of loan amount) and an annual MIP (0.85% for loans with LTV > 90%), which adds to the monthly payment. The annual MIP is typically required for the life of the loan if the down payment is below 10%.
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What is the minimum down payment for an FHA loan?
The minimum FHA down payment is 3.5% of the purchase price for borrowers with a credit score of 580 or higher. Borrowers with scores between 500–579 must put down at least 10%.
When can I remove FHA mortgage insurance?
For loans originated after June 2013 with less than 10% down, MIP lasts for the life of the loan. With 10% or more down, MIP is removed after 11 years. Refinancing into a conventional loan is one way to eliminate MIP earlier.
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