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Premium Mortgage Insurance

The Federal Housing Administration requires premium mortgage insurance for its home buying programs. An up front premium of 1.5% of the loan amount is paid at closing and can be financed into the mortgage amount. Usually, condos only require monthly premium mortgage insurance. The mortgage insurance premium paid on an FHA loan is always significantly higher than on a conventional program.
On an FHA loan the borrower will be charged a mortgage insurance premium equal to 1.5% of the purchase price of the property and a renewal premium of .5% in subsequent years.

By contrast the mortgage insurance premium charged at closing on a conventional program is as low as .5% (with 10% down payment) with renewal rate in subsequent years as low as .3% in subsequent years.

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