General Mortgage KnowledgeQuestion 124 of 400
On most FHA loans, the borrower pays an upfront mortgage insurance premium plus what?
a.A VA funding fee
b.Nothing further
c.A one-time PMI charge
d.An annual MIP paid monthly
Explanation
FHA borrowers pay upfront MIP (often financed) and an annual MIP collected in monthly installments. The VA funding fee applies to VA loans, and FHA does not use PMI.
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