ability to repay: Significant mortgage changes for 2013 and 2014
- 12/31/13 04:12 AM
FHA MIP fees went permanent. MIP stands for Mortgage Insurance Premium. Over the last few years, the Federal Housing Administration has been looking for ways to trim their losses, so in typical government fashion, they looked to the people to fund their misfortunes. In this case, they decided to never let homeowners off the hook from paying their monthly mortgage insurance fees. What used to be removed from the loan payment when the equity in a home reached 20%, now stays on the loan for as long as that loan is in place. The only way to get rid of it … (0 comments)
FHA MIP fees went permanent. MIP stands for Mortgage Insurance Premium. Over the last few years, the Federal Housing Administration has been looking for ways to trim their losses, so in typical government fashion, they looked to the people to fund their misfortunes. In this case, they decided to never let homeowners off the hook from paying their monthly mortgage insurance fees. What used to be removed from the loan payment when the equity in a home reached 20%, now stays on the loan for as long as that loan is in place. The only way to get rid of it … (0 comments)
;)
;)
