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Yes...here it comes...PMI for all loans issued by FHA.......
Starting 6/3/13...if you have not applied for a mortgage...you will be required to purchase PMI insurance regardless of how much you put down....just saw it on a news info TV station...
Just another way for uncle sam to tax the poop out of everyone and take the extra monies to fill the foreign aid programs...
Once again...the few have to pay for the dead beats....
You do realize that it's for FHA loans only, and the only difference is that PMI will be for the life of the loan vs 60 months now? EVERYONE has to pay PMI now, and always has, no matter how much they put down, if they were getting a 30 year FHA loan.
If you have enough down payment to avoid pmi, than why even get an fha? This is another case of an eccentric fox news viewer that just messed his pants for no reason.
But did you know you could get a conventional loan with 3% down with a no MI option (lender paid)? The payment is significantly lower than any FHA loan.
Don't cry too much over the FHA loan......they've been slowly destroying the loan....it will soon be obsolete.
If you can have 20% down and can't get convensional loan in open market, you are very risky. So, the FHA need to cover its risk by asking you to pay MI, IMO.
Yes...here it comes...PMI for all loans issued by FHA.......
Starting 6/3/13...if you have not applied for a mortgage...you will be required to purchase PMI insurance regardless of how much you put down....just saw it on a news info TV station...
Just another way for uncle sam to tax the poop out of everyone and take the extra monies to fill the foreign aid programs...
Once again...the few have to pay for the dead beats....
Foreign Aid programs? You need a better news source!
The only take away here is FHA has been repositioned as an even lower-end loan option and is priced accordingly.
Yes...here it comes...PMI for all loans issued by FHA.......
Starting 6/3/13...if you have not applied for a mortgage...you will be required to purchase PMI insurance regardless of how much you put down....just saw it on a news info TV station...
Just another way for uncle sam to tax the poop out of everyone and take the extra monies to fill the foreign aid programs...
Once again...the few have to pay for the dead beats....
Coming from your angle your initial question should be why is the government providing or subsidizing home loans anyways. This isn't a tax, you choose to take on a loan subsidized by the government rather than going conventional (which could be government subsidized through a separate GSE).
Foreign Aid programs? You need a better news source!
The only take away here is FHA has been repositioned as an even lower-end loan option and is priced accordingly.
The Foreign Aid comment was just a sarcastic comment -so forgive me!!!
However...is there anyone out there who really thinks PMI will not be applied to all loans once the FHA establishes the concept......remember...this is a pure money maker for the lender......they can just add the fee and blame it on the government......an extra % that will go in their pockets and when things crap out...the tax-payers will still end up paying the price......
Remember...the banks/lenders/we can finance anyone concept...put us in this mess we are in now...and the "to big to fail concept" just bailed them out and did nothing for the tax-payer......soon they will add PMI to all loans using the concept-Just In Case It Happens Again?????
Does anyone remember when saving accounts paid 8% and your money would double in 8 to 10 years...now they pay less than 1% and you get 10 to 20 cents on your money...who gets to keep that extra money......THE BANKS...
So...put your head in the sand if you really do not think PMI will be added to all loans in the near future...
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PMI - For All is Coming!!!
...remember...this is a pure money maker for the lender...
...they can just add the fee and blame it on the government...
...an extra % that will go in their pockets and when things crap out...the tax-payers will still end up paying the price...
...soon they will add PMI to all loans using the concept-Just In Case It Happens Again?????
