UFMI
Up-Front Mortgage Insurance (UFMI) is an insurance premium. It is usually collected at the time of the conception of the loan on Federal Housing Administration or FHA loans. It’s counterpart is the Private Mortgage Insurance or PMI which is collected per month in the case that a buyer’s down payment is below 20% of the purchase price. Up-Front Mortgage premiums are included in a collection of money whose purpose is to aid entities like FHA to help certain borrowers insure loans.
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