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Not everyone receiving a cash gifts want to make a 20% downpayment, though. Cash gifts are also allowed for low-downpayment mortgages including the FHA purchase mortgage, which requires a 3.5% downpayment; and the Conventional 97 mortgage from Fannie Mae and Freddie Mac which requires just 3% down.
Upfront MIP does not affect your loan's loan-to-value (LTV) calculation. You can make a 3.5% downpayment on your purchase, add the UFMIP to your borrowed amount, and still meet the FHA's minimum downpayment guidelines. The 1.75% Upfront MIP is collected at closing and paid into the Mutual Mortgage Insurance fund.You'll never be asked to pay it again. This is why it's called upfront MIP.t's rarely shown as FHA mortgage insurance. Annual MIP is required for all FHA mortgages. The size of your premium will depend on your loan's specific characteristics, and when you loan began. For example, the annual mortgage insurance premium for a loan from 2010 is different from the MIP for a loan from 2013.