Mortgage Insurance for Boise First Time Home Buyers

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Mortgage Insurance is required when a home is purchased with less then 20% down payment. There is a monthly portion for all FHA loans which is based on .55% and an upfront premium of 2.25% which is financed into the loan amount.

Boise First Time Home Buyers can print out a sample good faith estimate and see the exact numbers for a $100,000 purchase price scenario.

The reason for MI is cover a lender in the event of forclosure, to offset the losses.

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4 Responses to “Mortgage Insurance for Boise First Time Home Buyers”

Calculating Your First Mortgage Payment | My First Boise Home on 18 Jun 2009 at 8:14 pm #

[...] price, the taxes would be approximately $1,250 per year which would be $104. per month. And the Mortgage insurance on a $100,000 loan would be approximately $45.00 per [...]

Boise First Time Home Buyers and Good Faith Estimates | My First Boise Home on 03 Jul 2009 at 6:46 pm #

[...] series is for tax, interest, and mortgage insurance reserves for starting your escrow [...]

Boise Home Buyers are Calculating their First Mortgage Payment | My First Time Buyer Home Loan in Boise on 12 Jul 2009 at 12:59 pm #

[...] the taxes would be approximately $1,250 per year which would be $104. per month. And the 4. Mortgage insurance on a $100,000 loan would be approximately $45.00 per [...]

Obama's National Refinance Thoughts | My First Time Buyer Home Loan in Boise on 22 Aug 2009 at 9:30 pm #

[...] than 80% of the appraised value.. If you go above the 80% mark, then the lender will require private mortgage insurance. It is a monthly fee that most homeowners try to avoid which would cancel out any refinance [...]

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A Boise Mortgage Loan Resource for Boise Idaho Home Buyers 208-713-3309