If you’re considering an FHA loan, pay attention that borrowers have to pay two insurance premiums which adds to the total sum of expenses. The UFMIP is worth 1.75% of the loan amount, while the MIP ranges between 0.45% to 1.05% of your loan amount. Nevertheless, while both premiums are required, you may be able to get a discount on the MIP if you have a good credit score or if you make a large down payment.