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How much is mortgage insurance on conventional loans

is it less than that for FHA? I have right around a 710 FICO if that helps
By quancola7et623938 from ID Jun 16th 2014
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Mortgage Insurance is much less on a conventional loan than FHA loan. FHA is strickly 1.35% yearly. i.e. Loan amount of 100K x 1.35%= 1350 / 12(months) =112.5/month.With 5% minimum down payment. With your credit score you are looking at 100K x .89% = 890 / 12 (months) = 74.16/month.Monthly savings of 38.34. What you'll also have to consider though is that with a conventional loan your MI falls off at 78% LTV or when you have 20% equity. FHA your MI is there for the life of the loan.In addition, with conventional the more money you put down the less your mortgage insurance is as well as the better your credit score. Which if yours was 720 you would save another $23/month (roughly).If you'd like to discuss getting you approved for either of these loans(preferably conventional because better option for you) please feel free to reach out to me. I'm from North Idaho and can do loans in all 50 states.Andrew ByrdGoldwater Bank, NA208-818-3768abyrd@goldwaterbank.comNMLS # 1117336

Jun 16th 2014

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