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Mortgage Insurance Premium (MIP)

Mortgage Insurance Premium (MIP)

For FHA loans, a mortgage insurance premium (MIP) is levied no matter the size of the down payment. If a borrower pays at least a 10% down payment, the MIP will be canceled after 11 years. However, if a borrower pays less than 10% on their down payment, they are required to pay the MIP over the life of the loan.

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