Down payments on a FHA loan
To my understanding if you put down 3.5%. That comes off the price of the loan. For example if I put down 3.5 % on a 100000 loan. My down payment should be 3500. So my loan total should be 96500. Plus the 1.75 for mpi insurance. So with the (1.75) fund fee plus the 96500 should be a total of 98188.75. That should be the cost of the loan right? And I should also have closing cost to right.sa