This past Friday was the deadline to issue an FHA case number to avoid the forever mortgage insurance on down payments less than 10% down. Effective on June 3, if a buyer places less than 10% down using FHA financing, the mortgage insurance will remain on the life of the loan: yes...FOREVER! If the buyer can place more than 10% down, the mortgage insurance will last for 11 years. The old rules were minimum of 5 years and the LTV must reach 78% of the original purchase price.
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