Finance
In an FHA loan, the Mortgage Insurance Premium (MIP) is paid:
AOnly at closing as a one-time fee
BOnly as a monthly premium
CAs an upfront premium at closing plus ongoing monthly premiums✓ Correct
DOnly when the LTV exceeds 95%
Explanation
FHA loans require both an upfront MIP (UFMIP) paid at closing, typically 1.75% of the loan amount, and annual MIP paid monthly.
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