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  • Scott Sheldon
    • Scott Sheldon
      Senior Loan Officer
      NMLS ID# 287389
      Direct: 707 217-4000
      Scott.Sheldon@nafinc.com
      Specializing in Residential Home Loans for Primary Residences, Second Homes, Investment Properties, Single Family Homes, Condos, PUDs, 1-4 Units.

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Why Is My Financed Loan Amount On My FHA Loan Bigger?

July 28, 2014 by Scott Sheldon

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Buying or refinancing a home? An FHA loan much like a USDA loan, has two forms of mortgage insurance. There is an upfront mortgage insurance premium, UMFIP for short, which is based upon 1.75% of the base loan amount ( difference between the down payment amount or appraised value relative to equity) which is then added to the loan, creating the financed loan amount.

The financed loan amount is what the principal and interest payment is based off of as well is what the term of the loan is based off of. Additionally, there is a monthly factor typically about 1.3% of the loan amount before upfront mortgage insurance is factored in. So it’s important to remember when looking at FHA loans there is two forms of PMI, an upfront premium paid to HUD and then a monthly factor as well.

Planning to buy a home? If you have an FHA mortgage now, maybe refinancing might make more sense? Start today by getting a complimentary mortgage rate quote for an FHA loan or another mortgage type its online fast and free.

 

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