24 CFR 206.105 - Amount of MIP.

§ 206.105 Amount of MIP.

(a)Initial MIP. The mortgagee shall pay to the Secretary an initial MIP of two percent of the maximum claim amount.

(b)Monthly MIP. Monthly MIP will accrue daily on the mortgage balance at a rate equivalent to one-half of one percent per annum and shall be added to the mortgage balance when paid to the Secretary.

(Approved by the Office of Management and Budget under control number 2528-0133)

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