Insurance Premium (UFMIP & MIP)

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FLORIDA REAL ESTATE SALES ASSOCIATE COURSE

Types of mortgages

Section 29 of 72

Because the FHA takes on the risk of borrower default, they charge the borrower for this protection through two types of premiums. First, there is an Up-Front Mortgage Insurance Premium (UFMIP), which is a one-time fee paid at closing. This fee can be paid in cash or, more commonly, financed into the loan amount. Second, the borrower pays an annual Mortgage Insurance Premium (MIP), which is divided into 12 parts and included in the monthly mortgage payment. This recurring cost continues for the life of the loan for most modern FHA mortgages with maximum financing.