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FHA loans require 3.5% down (580+ credit score) or 10% (500–579). Upfront MIP = 1.75% of loan amount (financed into loan). Annual MIP = 0.15–0.75% depending on LTV and term, paid monthly. FHA loan limits vary by county ($498,257–$1,149,825 in 2024). Unlike PMI, FHA MIP on 30-year loans with <10% down lasts the life of the loan.
Principal and interest only—no taxes, insurance, PMI, or HOA. Rates and offers vary; verify with a lender.