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What are the dollars and you will cents differences when considering FHA and you can Old-fashioned 97?

  • FHA fund wanted extra pre-buy home inspections.
  • The property must be the borrower’s priily home, co-op, condo or within a well planned device development.
  • You may be needed to pay an initial home loan top (UPMIP) of 1.75% of your own legs amount borrowed, and that must be either paid totally during the cash otherwise funded towards the the loan. Following this fee, you are going to keep spending annual Home loan Insurance premiums (MIP) with the life of the borrowed funds. Continue reading