Finance
A Wisconsin buyer who is purchasing a home with an FHA loan will be required to pay:
ANo mortgage insurance of any kind
BAn upfront mortgage insurance premium (UFMIP) and annual MIP✓ Correct
CA one-time PMI fee at closing only
DPMI until 20% equity is reached, then it terminates automatically
Explanation
FHA loans require both an upfront mortgage insurance premium (UFMIP) and annual mortgage insurance premiums (MIP), which provide insurance to FHA against borrower default.
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