Mikes My Lender at Intercoastal Mortgage
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FHA Questions


1. Can I pay just monthly or just 1 time mortgage insurance with my FHA loan?
​All FHA loans have 2 kinds of mortgage insurance – up front and monthly.  The cost of this insurance has changed frequently over the last 15 years.  As of January 26, 2015 the cost of up front MI is 1.75% of the base loan amount (defined as the purchase price less the down payment).  For 30 year loans, monthly mortgage insurance is based on a factor of 0.85% annually paid monthly for loans with less than or equal to 5% down and 0.80% for loans with greater than 5% down. The cost is lower for 15 year loans.  FHA monthly mortgage insurance cannot be cancelled unless you make at least a 10% down payment.

Location

43045 Van Metre Drive
Suite 125
​Ashburn, VA 20148
​

Contact Us


Mike Westbrook NMLS ID#: 219034 
Company NMLS ID#: 56323
Loudoun Branch NMLS ID#: 1673447
​

Intercoastal Mortgage Company is licensed by the Virginia State Corporation Commission, License #MC-375
(www.nmlsconsumeraccess.org) 
​
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  • Home
  • About
    • The Westbrook Team
    • Intercoastal Mortgage
  • Resources
    • Mortgage Products
    • Calculators
    • FAQ
  • Testimonials
  • Contact
  • Get Pre-Qualified