Confusion about fha mortgage insurance drop off (private. – Confusion about FHA mortgage insurance drop off (private mortgage insurance, loan, interest rate) User Name: Remember Me:. I’ve always thougths that FHA mortgage insurance drops off after you have 78% LTV and pay a minimum of 5 years, and I took that to mean that you could double.
When the balance drops to 78 percent, the mortgage servicer is required to drop the PMI. Although you can cancel private mortgage insurance, you cannot cancel federal housing administration insurance. The only way to get rid of FHA insurance is by refinancing into a non-FHA insured loan.
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· I have to pay MIP on my loan . It is our first house and an FHA loan. The purchase price was 139k . I paid 10k down and had the mortgage insurance premium($1920.) financed in the loan at 1.5 %. I emailed chase and they sent a letter saying they are the servicer of the loan and cant drop it.. HUD will have to. I looked at HUDs website and they say they cant drop it , the mortgage company.
Easiest Company To Get A Mortgage Through Mortgage banks use their own money to fund mortgages, and their loan officers, processors, underwriters and funders all work for the same company. After the loan funds, it may be kept in the lender’s portfolio of investments, or it may be sold to investors. Loan officers serve as the bank’s sales force.
· With FHA loans you may have to have had the loan for at least 5 years and have paid down to 78% before they will remove the PMI. Although we had an FHA loan and it dropped with the appraisal within the first 6 months, rules are constantly changing. If you have an FHA loan ask your lender what the current rules are.
FHA MIP (Mortgage Insurance Premium) rates continually change. It is not unprecedented to think they may drop again, making FHA loans even more attractive for many borrowers. The FHA began in 1934 when banks needed help to deal with the large number of foreclosures they experienced.
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