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PMI is different on FHA, VA, and Conventional Mortgages
Manage episode 424652170 series 2979320
Didier Malagies द्वारा प्रदान की गई सामग्री. एपिसोड, ग्राफिक्स और पॉडकास्ट विवरण सहित सभी पॉडकास्ट सामग्री Didier Malagies या उनके पॉडकास्ट प्लेटफ़ॉर्म पार्टनर द्वारा सीधे अपलोड और प्रदान की जाती है। यदि आपको लगता है कि कोई आपकी अनुमति के बिना आपके कॉपीराइट किए गए कार्य का उपयोग कर रहा है, तो आप यहां बताई गई प्रक्रिया का पालन कर सकते हैं https://hi.player.fm/legal।
VA Mortgages have no monthly PMI, they have a funding fee that goes on top of the loan and it varies from a first-time VA buyer to a second-time user if there is a certain percentage of disability then no funding fee.
With an FHA Mortgage, there is an upfront funding fee of 1.75% and a .55 factor for monthly PMI.
Now for Conventional Mortgages, there is no upfront funding fee only a monthly PMI and that depends on your credit scores and down payment on your home.
With an excellent credit score, the monthly PMI factor can be at .1 and up
It is good to know because your interest rate is predicated on your credit score and also the PMI can be a factor as well on Conventional loans.
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