FHA mortgage insurance covers any lender loss after conveyance of title of the property to the U.S. Department of Housing and Urban Development (HUD) . FHA mortgage insurance requires two premiums to be paid: the UFMIP (up-mortgage insurance premium) and the MIP (monthly insurance premium) . Currently, the UFMIP is what percentage of the loan for normal loans used to purchase a personal residence?
A) 1.0%
B) 1.5%
C) 2.0%
D) 4.0%
Correct Answer:
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