Finance (alternative)
A Maryland FHA borrower with less than 10% down must pay mortgage insurance premium (MIP) for:
A5 years (alternative)
B8 years
CThe life of the loan✓ Correct
DUntil LTV reaches 80%
Explanation
For FHA loans with less than 10% down payment, the annual MIP must be paid for the life of the loan regardless of the LTV ratio reached.
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