September 21, 2019

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Articles Tagged With: UFMIP

Up Front Mortgage Insurance Payments For FHA Home Loans

A reader asks, “Can I roll my upfront MIP on to my loan above the county loan limits? The limit in San Diego is $697500, can I roll the upfront MIP on to the loan or do I have to pay cash?” Up front mortgage insurance payments, or UFMIP, have clearly defined rules as spelled out in HUD 4155.2. According to the rules, “The UFMIP remittance period begins on the date of loan settlement or the date of disbursement of the mortgage proceeds, whichever is later. UFMIP must be paid to FHA in a lump sum within 10 calendar days after the loan is closed.” That lump sum can be paid in cash or rolled into the loan amount, but the borrower cannot split the two options and pay a | more...