Finance
A Virginia FHA loan requires mortgage insurance premiums (MIP). The upfront MIP is typically:
A0.5% of the loan amount
B1.75% of the loan amount✓ Correct
C2.5% of the loan amount
D3.5% of the loan amount
Explanation
FHA loans require an upfront MIP of 1.75% of the base loan amount, plus annual MIP paid in monthly installments.
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