Finance
In Michigan, mortgage insurance on an FHA loan is called:
APrivate Mortgage Insurance (PMI)
BMortgage Insurance Premium (MIP)✓ Correct
CLenders Title Insurance
DHazard Insurance
Explanation
FHA loans require Mortgage Insurance Premium (MIP), not PMI. MIP includes an upfront premium (typically 1.75% of the loan amount) and annual premiums paid monthly throughout much of the loan's life, protecting the FHA insurance fund.
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