Not all FHA-approved lenders offer the same interest rate and costs – even on the same. The chief advantage of this type of loan, called a 203(k), is that the loan amount is based not on the.
Note: Most borrowers who use the fha loan program choose the 30-year repayment term and put down 3.5%. That means most borrowers end up paying the 0.85% annual premium. (See the second line of the first table above.) Our FHA MIP charts for 2019 were adapted from hud mortgage letters and other official documents.