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While Greystone works to secure a low, fixed-rate permanent agency loan for the borrower, Greystone’s bridge loan will enable the borrower to pay off the initial construction loan and preferred equity.
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FHA insured loans require mortgage insurance to protect lenders against losses that result from defaults on home mortgages. Depending on the terms and conditions of your home loan, most FHA loans today will require MIP for either 11 years or the lifetime of the mortgage. MIP Rates for FHA Loans Over 15.
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