What is the mip on a usda loan?

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Adriana Ritchie asked a question: What is the mip on a usda loan?
Asked By: Adriana Ritchie
Date created: Tue, Apr 6, 2021 2:58 AM
Date updated: Fri, Jul 1, 2022 1:55 AM

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USDA Mortgage Insurance is mandatory on all USDA loans regardless of your down payment amount. USDA does not require a down payment which is why the USDA mortgage insurance is mandatory… The monthly mortgage insurance premium is currently 0.50% of your loan amount financed into your monthly payment.

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