HUD 232 MIP

Do HUD 232 Loans Require Mortgage Insurance (MIP)?

Do HUD 232 Loans Require Mortgage Insurance (MIP)?

Yes, HUD 232 loans require borrowers to pay an MIP (Mortgage Insurance Premium), as both a one-time and an annual expense. MIP for these loans includes a 1% one time MIP assessment, payable at closing, and a 0.65% annual MIP charge, paid each year.