When you get to step 3 you will want to make a few adjustments to the following information regarding your down payment, tax rate and mortgage insurance.
FHA Down Payments
- FHA purchase with less than 5% down use 1.15% for the annual PMI calculation
- 5% or more use 1.1%
Tax rate calculate 1.25%
Private Mortgage Insurance
For conventional loans using private mortgage insurance use anywhere between .65% to 1.35% – depending on your loan to value.
For a closer estimate please contact me directly at maureen@MyLifeLender.com or (619) 857-7191