– If you are someone that has had a FHA Loan for a period of time, you might not have realized that you don’t have to always pay mortgage insurance premium. I remember when my husband and I first bought our house this was something we talked about. Then as time went on, we forgot about it.
FHA borrowers have to pay two types of mortgage insurance premiums: annual and upfront. The upfront mortgage insurance premium is charged when you first get your mortgage, and the annual premium is an ongoing obligation you pay every year. Paying for FHA mortgage insurance. The upfront mortgage insurance premium costs 1.75% of your loan amount.