All home buyers who use an FHA loan will need to pay mortgage insurance premiums, otherwise known as MIPs. These premiums insure lenders and guarantee they will be paid even if a borrower defaults ...
an FHA loan could be the way to go if you qualify. However, with the flexibility of the smaller down payment come some potential downsides, such as having to pay mortgage insurance premiums.
A separate construction loan also allows the homeowner to avoid FHA rules – which include the payment of home mortgage insurance during the loan. Because you won't need to start renovations right away ...
If you're saddled with a high mortgage rate, refinancing can get you a better rate and terms, help you pay off your loan faster or even enable you to convert your home equity into cash.
Conventional, FHA, VA, USDA, Arrive Home ... another zero-down loan with no private mortgage insurance (PMI). The MyLoan portal lets borrowers easily manage their mortgages online.