Consider, a standard FHA monthly mortgage insurance fee charges 1.25 % of the loan amount. (centralcoastlending.com)
For example, Fannie Mae's My Community Mortgage allows qualifying borrowers to buy a home with only 3 % down, no upfront mortgage insurance premium, and pay a very low monthly mortgage insurance fee. (fhaloanpros.com)
FHA loans are a powerful home buying tool, but can come with high upfront and monthly mortgage insurance fees that are payable for the life of the loan — up to 30 years. (themortgagereports.com)