The other change lowers the one - time upfront insurance premium that borrowers must pay, to 1 percent of the loan balance from 2.25 percent. (kentuckyfhaloan.wordpress.com)
Some borrowers may prefer the upfront insurance premium and monthly insurance payments as it may prove more cost effective for their financial situation. (fhaloanpros.com)
As part of the loan structure, the FHA requires both an annual «mortgage insurance» payment (MIP) and an «upfront insurance premium» (UFMIP). (centralcoastlending.com)