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Mortgage Loan Insurance Premium

Samantha Said:

In a mortgage loan, how do you get rid of an MIP?

We Answered:

If it is an FHA loan and you are paying MIP, you have to pay the loan down to 78%. It is only .50% of the loan amount a year if it is an FHA loan. Pretty cheap considering it allowed you to get 100% financing that is assumable.

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