Help, I don't want to pay monthly MI!

Mortgage and Lending with FHA, VA, Jumbo, Downpayment Assistance, Conv. NMLS #276329


Avoid PMI with a Brand Mortgage Piggy Back Loan.

In case you have not heard, the new FHA MI Premium that took effect April 1, 2013 for all FHA buyers. This increase was due in an effort to further strengthen the Mutual Mortgage Insurance Fund (MMI Fund).

Effective with any new case number issued after April 1, 2013 the Annual MIP will be required on all loans with a LTV greater than 90%.  MIP will be in force for the life of the loan.  (This is a big change)

For traditional purchases or refinances with a 15 year or less term and below 78% LTV, the effective date June 3, 2013.

The new FHA MI Premium





80/10/10 or 80/15/5 Loan Programs


PMI, 80/15/5 & 80/10/10


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Lisa Perry, Senior Loan Officer

"Your Northern VA Mortgage Specialist"


NMLS ID #86548 / 276329


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 Proudly Serving Washington DC, Virginia & Maryland

Comments (3)

Merline D Pennant - New homes, Short Sales and Pre-foreclosures
Regal Realty of the Treasure Coast LLC - Port St Lucie, FL
New City, New Towns, New homes

I thought the lifetime payment went into place  June?

May 08, 2013 12:01 PM
Jenn Morson
Metro Referrals - Crofton, MD
Licensed Referral Agent and ASP - Team Woda

Wow, this is a big change, isn't it? I am going to need to do more research into the piggyback loan option as I suspect this will affect many buyers.

May 08, 2013 12:11 PM
Wayne Johnson
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale
Lisa-Good information. I was not aware of some of these options. Life of the loan MIPS seems like over coverage to me.
May 08, 2013 12:13 PM