I have seen so many facebook posts about the FHA MIP mortgagee letter that "postponed" the .25% MIP reduction within 1 hour after Donald Trump was sworn in as the President of the United States.
Here's a few: But he just nullified the fee reduction for first time FHA buyers, making it more expensive for poor people to buy a home.
...and homeownership just got more expensive
And Headlines: Early Trump Moves Makes Housing More Expensive For Millions
Trump Suspends Order That Would Have Made Mortgage Insurance Cheaper for 1M Households NBC New York
First Act Of Trump Administration Make Housing More Expensive … (3 comments)
fha mip: FHA Mortgage Frequently Asked Questions-MORTGAGE INSURANCE
- 09/16/11 04:05 PM
FHA MORTGAGE FREQUENTLY ASKED QUESTIONS-Mortgage Insurance On an FHA loan does the required Mortgage Insurance pay off my loan if I die? No, not this type. This mortgage insurance protects the lender/FHA in the case of default. How Long do I have to keep mortgage insurance on an FHA loan. FHA Monthly Mortgage Insurance Premium drops off after a minimum of 5 years and 78% of the original purchase price.
What if I pay extra toward my mortgage and pay it down to 78%? You will still be required to keep the mortgage insurance for at least 5 years. At that point it may make sense to look into … (0 comments)
2017 FHA MIP Change That Wasn't
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