Finance
Mortgage insurance (MIP) on FHA loans in Utah:
AIs automatically cancelled when the loan balance reaches 80% LTV
BIncludes both an upfront premium and an annual premium, and may last the life of the loan✓ Correct
CIs paid by the lender, not the borrower
DIs waived for military veterans
Explanation
FHA loans require an upfront mortgage insurance premium (UFMIP) and an annual MIP. For loans with less than 10% down, MIP remains for the life of the loan—unlike PMI on conventional loans, which can be removed.
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