Finance
A Utah buyer who puts less than 10% down on an FHA loan will pay mortgage insurance premium (MIP) for:
AThe first 5 years only
BThe life of the loan✓ Correct
CUntil the LTV reaches 80%
DUntil the loan balance reaches 78% of the original purchase price
Explanation
For FHA loans with less than 10% down payment, MIP is required for the entire life of the loan. This is a key cost difference compared to conventional loans where PMI can be removed.
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