Finance
Kentucky buyers using FHA financing must pay mortgage insurance premiums (MIP) which include:
AOnly a monthly premium
BAn upfront MIP plus an annual MIP paid monthly✓ Correct
COnly an annual premium
DA one-time premium at closing only
Explanation
FHA loans require both an upfront mortgage insurance premium (UFMIP) paid at closing and an annual mortgage insurance premium (annual MIP) collected as part of the monthly payment.
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