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Old 06-04-2014, 07:44 AM
 
Location: MID ATLANTIC
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All mortgage insurance on FHA loans taken out today are for the life of the loan.
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Old 06-04-2014, 08:28 AM
 
Location: Port Charlotte
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Don't confuse current regs (lifetime PMI) vs older notes, where you can get rid of PMI.

Unless a buyer is really credit/cash strapped, I would not recommend a FHA loan now.

A quick look at tax assessments vs loan amount should give you an idea as to LTV. If down around 75%, by all means pursue dropping PMI.
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Old 06-04-2014, 11:11 AM
 
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Everyone with Full Term MIP on their FHA loan needs to look at a 95% conventional refi now.
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Old 06-04-2014, 02:01 PM
 
Location: Annandale, VA
5,094 posts, read 4,417,175 times
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Quote:
Originally Posted by divakat View Post
That's why you refinance into a conventional loan as soon as you can...They are upping their PMI and changing their terms to pay for all of the people who defaulted. It's forcing all of the people current on their loans to refinance out of FHA. I don't think it's a good thing for them to do. They should at least have PMI rates based on a sliding scale according to credit score, with the lower scores paying more PMI than the higher ones.

It should also be deductible on your income tax.
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Old 03-13-2016, 08:39 AM
 
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M&T Bank has had my FHA Mortgage since 2007. Now in 2016 they have decided that I need to pay PMI, MIP, which I have always paid my PMI Insurance out of my pocket since 2007. So I live in a Townhome that I pay PMI, MIP, and a Master policy for the outside through the HOA. I was doing well trying to pay off early but my payment went from $561.09 to $749.00 without any kind of notice. When I called M&T Bank all they could tell me it is the LAW... ok where was your law in 2007 until 2/1/2016? You had no problem letting me pay it for last Nine years. I could REFI but why just to get jacked up again? I live in Texas I can say this the Folks running that Bank need some Banking 101 badly. I have never been late on a Mortgage payment not one time since 2005. This was one of those Loans that was pushed through by the ruthless people and Greed praying on people like me who did not even know. Nor was it explained to me except sign here. I agree my fault but my Real estate person I trusted. I had never bought a home it was a Cluster.. So I believed in people who only cared about sinking me a single Mother into a freaking Mortgage that no way I should have never even qualified for. I give they are still figuring ways to take every penny I have. KARMA ON THOSE

Last edited by KARMA2016; 03-13-2016 at 08:41 AM.. Reason: Mis spelling
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Old 03-13-2016, 08:45 AM
 
2 posts, read 996 times
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Default Harp

This is a Joke.
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