Finance
Oklahoma borrowers who use FHA financing must pay:
ANo mortgage insurance
BAn upfront mortgage insurance premium (MIP) and an annual MIP for the life of the loan in most cases✓ Correct
CPMI only when LTV exceeds 95%
DMortgage insurance for the first 2 years only
Explanation
FHA loans require an upfront mortgage insurance premium (UFMIP, typically 1.75% of the loan amount) paid at closing, plus an annual MIP included in monthly payments. For loans with less than 10% down, the annual MIP continues for the life of the loan.
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