Property & Borrower
Loan Parameters
Conv
Conventional
Min 3% conventional. 20%+ eliminates PMI.
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Based on FICO + LTV. Override below.
Conventional PMI cancels automatically when LTV reaches 78% (amortization) or on request at 80% LTV.
FHA
FHA Loan
Min 3.5% (FICO ≥ 580). ≥10% = 11-yr MIP.
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FHA MIP: —
UFMIP of 1.75% is financed into the loan balance.
UFMIP of 1.75% is financed into the loan balance.
VA
VA Loan
VA allows 0% down. No down payment required.
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No monthly mortgage insurance. Funding fee is a one-time cost (typically financed). VA rates are often the lowest available.
Monthly Payment Breakdown
| Item | Conventional | FHA | VA |
|---|---|---|---|
| Loan Structure | |||
| Purchase Price | — | — | — |
| Down Payment | — | — | — |
| Base Loan Amount | — | — | — |
| Upfront Fee (Financed) | None | — | — |
| Total Loan Amount | — | — | — |
| LTV at Closing | — | — | — |
| Monthly Payment | |||
| Principal & Interest | — | — | — |
| Monthly MI / MIP | — | — | $0 — No MI |
| Monthly Taxes | — | — | — |
| Monthly HOI | — | — | — |
| Total Monthly PITI | — | — | — |
| Cash to Close (Estimated) | |||
| Down Payment | — | — | — |
| UFMIP / Funding Fee (if not financed) | None | Financed | Financed |
| Est. Closing Costs (~3%) | — | — | — |
| Total Est. Cash to Close | — | — | — |
| Mortgage Insurance Details | |||
| MI Type | — | FHA Annual MIP | None |
| MI Rate (Annual) | — | — | 0.00% |
| MI Duration | — | — | N/A |
Total Cost Over Time
| Over 7 Years | Conventional | FHA | VA |
|---|---|---|---|
| Total PITI Paid | — | — | — |
| Total MI / MIP Paid | — | — | $0 |
| Total Interest Paid | — | — | — |
| Remaining Loan Balance | — | — | — |
| Total Out-of-Pocket Cost | — | — | — |
Key Takeaways
Conventional
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FHA
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VA
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Disclosure: This communication is for informational and educational purposes only and does not constitute an offer to lend or a commitment to make a loan. All loans are subject to credit approval, underwriting guidelines, and property approval. Interest rates, payment examples, programs, and terms are illustrative, vary by borrower qualification, and are subject to change without notice. Not all applicants will qualify. Examples shown do not reflect all costs of a mortgage transaction. FHA MIP rates shown are based on current HUD guidelines and may vary by loan amount and term. VA funding fees are based on VA schedule and eligibility; veterans with service-connected disabilities may be exempt. Consult a licensed tax or legal advisor regarding your individual situation. HomeWealth Solutions LLC is licensed by the Florida Office of Financial Regulation, Mortgage Broker License #MBR8082. Verify our licensure at www.nmlsconsumeraccess.org. Equal Housing Opportunity.