What is FHA mortgage insurance and how does it work?
An example of an AI chatbot conversation about FHA loans and mortgage insurance.
What is FHA mortgage insurance and how does it work?
FHA mortgage insurance protects lenders against losses if a borrower defaults. It's required for FHA loans.
How much does FHA mortgage insurance cost?
The cost varies, but typically it's 1.75% of the loan amount upfront and a monthly premium based on the loan term.
Can I cancel FHA mortgage insurance?
Yes, you can cancel it under certain conditions, like if you reach 20% equity in your home.
What are the benefits of FHA loans?
FHA loans offer lower down payments, flexible credit requirements, and competitive interest rates.
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