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PMI vs. FHA MIP |
Although the
insurance protection concept is similar, there are differences between
private mortgage insurance and FHA mortgage insurance. FHA insurance is
a government-administered mortgage insurance program that does have
certain restrictions. FHA has maximum regional loan limits that are
lower than those with private mortgage insurance. FHA may be more
expensive, take longer to receive approval, and have fewer payment plan
options. FHA insurance lasts for the life of the loan, unlike private
mortgage insurance which is cancelable in most circumstances. FHA is a
good choice for some borrowers with credit history problems that might
need special assistance.
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