Posted by dewCO on December 07, 2000 at 22:47:10:
DON’T POST IN ALL CAPS!!!
It’s the up front mortgage insurance charged on all FHA loans. (It has nothing to do with the money the seller is putting up.)
Your down payment is about 3% of the purhcase price and after Jan. 1st the up front mortgage insurance is 1.5% or 1.75% (I forget which) orf your loan amount. So you come out almost at your purvchae price on the loan amount even though there’s been a down payment.
Your realtor and/or lender is remiss if they haven’t explained this to you. If they, have them do it again until you understand it. THAT’s THEIR JOB!!!