MIP (Mortgage Insurance Premium)
FHA's mortgage insurance, charged as a 1.75% upfront premium plus an annual premium collected monthly.
Annual MIP for terms over 15 years is generally 0.50% or 0.55% of the loan amount depending on loan-to-value, for base loan amounts at or below $726,200.
Duration depends on the original loan-to-value: 11 years at 90% or less, otherwise the loan term.
Related terms
- FHA loan — A mortgage insured by the Federal Housing Administration, often used for lower down payments or more flexible credit requirements.
- PMI (Private Mortgage Insurance) — Insurance required on conventional loans above 80% loan-to-value, protecting the lender if the loan defaults.
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