FHA Monthly PMI + Upfront Mortgage insurance fee

[Denis Moreira]

Hi,

I received this information from my lender today in regards to an FHA loan.

"With 5% down on a 400k property you are looking at an upfront MI of $6,650 ( onetime fee for FHA), which can be included in loan amount and a monthly payment of $251.21 at .80%"

Is this accurate? I thought it was one or the other. 

Thanks for your input!

-Denis