Effects. Buyers using an FHA-insured mortgage to buy a home are required to pay an upfront mortgage insurance premium, or MIP. In 2010, the MIP percentage was 2.25 percent of the loan amount. In our example of the $350,000 home, the loan amount would be $350,000 minus the $12,250 down payment, or $337,750.he down payment amount is calculated by multiplying the home purchase price times 3.5 percent, or 0.035. For example, the required down payment on a $350,000 home would be $12,250. The home buyer would have to bring this amount plus any additional closing costs when the papers are signed to buy the house.
Active Duty vs. Reserve or National Guard What is the difference between someone who is active duty military and someone who is in the Reserve or National Guard? A person who is active duty is in the military full time. They work for the military full time, may live on a military base, and can be deployed at any time. Persons in the Reserve or National Guard are not full-time active duty military personnel, although they can be deployed at any time should the need arise. The Reserve Each branch of the military has a Reserve component and the Reserve are under the command of their respective military branch (e.g., Army Reserve are under the command of the Army).
There are some key differences between active duty and reserve component retirement benefits that must be understood in order to adequately plan for retirement; most importantly, the age at which you will be eligible to draw payments, which is generally age 60. There are also some differences in how the years of qualifying service are determined.