The home is completed new construction and was priced at 268,000. The purchase or loan amount will be 217,000, using an FHA loan written through GMAC. I thought that at the time of the purchase, if you can show that there is 20 to 22% equity than you would not be required to carry PMI/MIP.
Posts Tagged ‘mip’
Using FHA, if the appraisal is 20 to 22% higher than the purch price, will the MIP or PMI drop at purchase?
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