ltv: More Level Playing Field May Benefit FHA
- 01/23/15 02:07 AM
Private mortgage insurance premiums are higher for people with lower credit scores. FHA mortgage insurance premiums are the same for all FHA borrowers regardless of their credit score. The Urban Institute recently posted a blog that indicates that the break-even credit score with a 95% LTV has risen from a FICO score of 680 to a score of 740. The blog points out some interesting scenarios that may well benefit FHA and / or FHA borrowers. While the Obama administration estimates that approximately 2,000,000 new FHA borrowers will be benefited by the lower FHA MIP rates, the Wall Street Journal estimates that an … (12 comments)
ltv: Another Lender Gimmick!
- 11/21/14 07:04 PM
In today's very competitive mortgage market, lenders are attempting to spin everything in a slightly different way than the next guy in an effort to lure a borrower in the door. One fairly recent twist in the ever-changing mortgage market is that lenders are finding that if they pay the mortgage insurance premium for conventional loans with a down payment of less than 20%, they can charge a higher interest rate and not burden the borrower with that additional PMI premium being added to their monthly payment, not to mention an upfront fee for PMI. According to an article on bankrate.com … (7 comments)
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Randy Kirsch
(NMLS# 1012303) Your Dedicated Mortgage Consultant
Private mortgage insurance premiums are higher for people with lower credit scores. FHA mortgage insurance premiums are the same for all FHA borrowers regardless of their credit score. The Urban Institute recently posted a blog that indicates that the break-even credit score with a 95% LTV has risen from a FICO score of 680 to a score of 740. The blog points out some interesting scenarios that may well benefit FHA and / or FHA borrowers.
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