Fred and Maria have a joint FICO score of 700 with $25,000 available for a down payment on a 30 -year mortgage contract for a house selling for $450,000. Mortgage insurance is available to them at 1% for conventional loans and 1.75% for FHA backed loans. Which statement is correct? Fred and Maria should not have to pay more than $354 per month on an FHAMIP Fred and Maria should get a JPMorgan Chase mortgage insurance (PMI) of 1% paid in about 18 years Fred and Maria should get a JPMorgan Chase mortgage insurance (MIP) of 1% Fred and Maria should try to btain an FHA loan with a MIP of 1.75%