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Old 06-11-2011, 02:22 AM
 
6 posts, read 19,732 times
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As title stated, this is a simple question, and please if you know the correct answer, please reply.

I called two different banks and one said yes and the other said no???

so I researched the web like crazy... and more I researched, more I get crazy...

so is there PMI for 15 year FHA loan after 4/18/11???

Thank you in advance...
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Old 06-12-2011, 06:39 AM
 
Location: MID ATLANTIC
8,050 posts, read 19,728,044 times
Reputation: 9095
Quote:
Originally Posted by miraluna View Post
As title stated, this is a simple question, and please if you know the correct answer, please reply.

I called two different banks and one said yes and the other said no???

so I researched the web like crazy... and more I researched, more I get crazy...

so is there PMI for 15 year FHA loan after 4/18/11???

Thank you in advance...

Yes, after April 18, there is monthly MIP for FHA loans < or = 90% LTV of .25 (calculate loan amount x .0025/12 = montly payment). Up until April 18, the monthly MIP was 0. There is, however, an up front (UFMIP) fee of 1%, which is added to the loan amount.

The conclusive proof is here: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/11-10ml.pdf (broken link)
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Old 06-12-2011, 03:19 PM
 
17 posts, read 35,270 times
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I realize this may be late in your game, but one advantage of your 15 year loan, even though you have to pay a monthly PMI, is that you're not obligated to pay that PMI for a minimum of five years as you are in a 30 year loan.

With a 15 year loan, all you have to do is reach your threshold of 22% equity (I think that's the magic number) and then do the paperwork to remove the PMI.
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Old 06-13-2011, 01:01 AM
 
6 posts, read 19,732 times
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man, I thoght it is 20% and the paperwork or 22% automatic... on removal of pmi no?
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Old 06-13-2011, 06:13 AM
 
Location: MID ATLANTIC
8,050 posts, read 19,728,044 times
Reputation: 9095
FHA is a minimum of 5 years, too. Automatic removal is at 78% (22% equity). You have to request removal at 80% on conventional loans........and it's not always going to happen. FHA you must wait for the 78% LTV to be reached.
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