is there an option for fha that does not require mortgage insurance?

There are no FHA Programs where you can avoid Mortgage Insurance. A 15 Year Fixed Loan term will provide for the least costly Mortgage Insurance Premiums, both Annually and Upfront. If you have sufficient down payment funds, you may want to consider alternative financing options like a Fannie Mae or Freddie Mac loan program. I'd suggest you speak to a local mortgage professional for more details. Good Luck!

That option no longer exists but at one time it did. If you are considering or capable of putting more down than 3.5%, then you should definitely look at the Fannie/Freddie options as the Mortgage Insurance premiums are significantly less than FHA.

Depending on your location, household income and loan requirements, a USDA loan may be something to look into, it would greatly reduce the MI requirement.

Unfortunately not with FHA. If you can get 5% for a down payment there are NO MI options where you can opt for something called Lender Paid Mortgage insurance or Single Premium, where you pay an up front lump sum ( as FHA does) except there is no monthly premium. You can also use seller concessions to help cover these. If you have a solid score and 5% down payment is seriously consider looking at Conventional programs. I have a Conv vs FHA calculator I'd be happy to show you for comparison purposes. Feel free to reach out at 502-272-4461.Thanks,Ryan Wheelerwww.unitedresidentiallending.com

All FHA loans require MI.. regardless of LTV or how long you choose to finance.. typically, if you have more than 20% down, you can use conventional financing and you wont pay any MI.. however MI rates are higher than government rates. the absolute best loan product is VA financing, however you would need to be VA eligible to qualify.. but VA has no MI and the rates are the same as FHA. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Unfortunately MIP is unavoidable with an FHA loan. If you have 5% down & good credit then a conventional loan may be the way to go. Also if your a vet, you can do a 100% financing with no MI & if you want to find a rural property then you can also do a USDA loan @ 100% with MI but it is considerably lower monthly premium.I'm located here in TN give my office a call if you want to discuss your options.