Finance
In New Mexico, 'mortgage insurance premium' (MIP) on FHA loans differs from PMI in that:
AMIP is optional while PMI is required
BMIP includes both an upfront premium (1.75% of loan amount) paid at closing and an annual premium paid monthly — and is required for the life of most FHA loans✓ Correct
CMIP is paid by the lender
DMIP is only required for loans above $500,000
Explanation
FHA MIP includes an upfront premium of 1.75% (can be financed into the loan) and annual premiums paid monthly.
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