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Homeowner Mortgage Insurance
New mortgage insurance premium rules are due to take effect on April, 1, 2013.  The Federal Housing Administration (FHA) recently announced a series of changes that they feel will better manage and protect their insurance programs.  Let’s talk about a bit about the mortgage insurance changes coming.
What is Mortgage Insurance?
Mortgage insurance is protection for the lender (not the home owner) in the event of mortgage loan default.  When you buy a home and use a conventional loan and your down payment is less than 20 percent of the cost, or you are refinancing more than 80 percent of your home’s value, most lenders will require that you purchase mortgage insurance.  This can be done on a monthly basis, paid by the lender by increasing the interest rate (LPMI) or by paying a lump premium upfront (BPMI).  Even though the benefit of the insurance is there to protect the lender, it does allow the homebuyer to purchase their home with a lower down payment. 
There are two major changes coming that will affect homebuyers using FHA financing to purchase their homes.  According to recent FHA updates this is what you can expect:  
First, there will be an increase ... more

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