MIP is one-half percent borrowers pay each month on FHA insured Mortgage loans. It is insurance from FHA to the lender against incurring a less due to the borrower’s default. On September 1, 1983 the MIP was changed to a one-time charge to borrowers.
First Class Mortgage // NMLS #322842
12906 63rd Avenue N Maple Grove, MN 55369
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