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fha one time mortgage insurance: My mortgage rep told me that I must pay FHA mortgage insurance for 5 years - 01/29/11 04:38 PM
When it comes to mortgages, there are so many frequently asked questions. One mortgage topic that gets many misleading answers is mortgage insurance, specifically FHA mortgage insurance.
Why do I need FHA monthly mortgage insurance if I put 20 percent down?
Aren't FHA loans more expensive? (many refer to this because of the upfront mortgage insurance)
FHA monthly mortgage insurance will be there regardless if you put 20 percent down. If you put less than 20 percent down, you will have the FHA monthly mortgage insurance until you reach the 78 percent LTV level. (LTV = Loan-to-Value) … (5 comments)
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fha one time mortgage insurance: FHA MIP vs Conventional PMI -- The online truths that are false -- Part 1 - 01/11/08 11:18 PM
MIP update as of 10/1/08 -- New Upfront Mortgage Insurance Premium Changes
Educating the consumer is sometimes the simplest in form, but can be so misleading by those that don't do their research or know what they are talking about. I tell people that I am not god nor am I perfect, but I do consider myself to be very good at what I do. And if I am not sure, I do my research to make sure that it's very accurate.
As I have conversations with others in the real estate profession, it becomes scary to when I … (14 comments)
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fha one time mortgage insurance: FHA Mortgage Insurance Premium & Monthly Mortgage Insurance -- Refunds -- Part 3 of 3 - 08/18/07 11:18 AM
FHA upfront MIP refunds can some what be confusing at times because there are certain dates involved. The refund process has changed about 3 to 4 times in the last 15 years. In part 1, FHA Mortgage Insurance Premium & Monthly Mortgage Insurance, I talked about the basics of the upfront charge and the monthly insurance. In this section, I will share with you the types of refunds that are allowed.
The different refunds and their dates:
The old rule was that if you had paid your off either by selling your house or refinancing in 7 years or less, that you … (10 comments)
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fha one time mortgage insurance: FHA Mortgage Insurance Premium & Monthly Mortgage Insurance and how it works -- Part 2 of 3 - 08/17/07 07:08 PM
In the first part, FHA Mortgage Insurance Premium & Monthly Mortgage Insurance and how it works, I talked about how the upfront mortgage insurance and the monthly mortgage insurance worked. After visiting several web sites describing FHA, the mortgage insurance, and who can get these types of loans, I decided to write more about how you need to be careful. I can't tell you have many sites were so wrong and or not updated. I saw a few that even said that the one-time mortgage insurance is 2.25%. This is not correct, it's 1.5% of the base loan amount.
What really … (5 comments)
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fha one time mortgage insurance: FHA Mortgage Insurance Premium & Monthly Mortgage Insurance and how it works -- Part 1 of 3 - 08/16/07 08:59 PM
It's crunch time, especially with today's market. Does this make you hungry? Well, many loan officer's are very hungry and not that busy. Which leaves us to my rant of inexperienced loan officers trying to give their clients a FHA mortgage.
Word of advice : If you find someone giving you false information or information that doesn't make sense, why stay loyal to them? Seriously, run away, don't walk. Most of the criteria by FHA and HUD is written in stone. No lender can change this no matter what you think or have been told.
In Part 2, I will give you 2 … (15 comments)
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Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
Cherry Hill,
NJ
More about me…
Social Media - Infinity Home Mortgage Company, Inc
Address: Cherry Hill New Jersey 08034 08002 08003, Haddon Heights New Jersey 08035, Haddonfield, NJ, 08033
Cell Phone: (609) 440-5133
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