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Why You Won’t Pay FHA MIP For The Rest Of Your Life

private mortgage insurance, or private MI, can allow you to purchase a home with. Why You Won’t Pay FHA MIP For The Rest Of Your Life – For some FHA loans only, you will pay mortgage insurance premiums until the loan is paid-off in full. This can be as long as 30 years or as few as 1-2 years, if you choose to cancel your FHA MIP.

It’s impossible to speculate about the reasons for changing the FHA MIP requirement for 30 year mortgages, but let’s examine the recent changes to FHA loan policy on MIP in general. In fha mortgagee letter 2013-04, FHA loan policy for mortgage insurance premiums changed, as stated above, to the maximum allowed by law.

Knowing your options when it comes to cancelling the MIP is important, especially if you are in the group that obtained your loan after June 3, 2013 and will have to pay the insurance premiums for the rest of your life if you never refinance.

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This has been the case even when borrowers pay. mortgage insurance premiums that are non-cancellable for extended periods – won’t be disappearing. Nonetheless, FHA remains the go-to choice if you.

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The benefits of an FHA reverse mortgage includes an insurance policy to protect the home owner. If your home sells for an amount less than what is owed to the bank, the FHA makes up the rest–not the home owner. You (or your heirs) won’t go into debt as a result of an FHA reverse mortgage home loan.

While that’s not the best news you want to hear, the good news is that the insurance does decrease over time. Why You Won’t Pay FHA MIP For The Rest Of Your Life – In mid-2013, the FHA changed its mortgage insurance premium (mip) policies. Formerly, FHA MIP typically canceled after 5 years assuming a 78% loan-to-value.

Why You Won’t Pay FHA MIP For The Rest Of Your Life – Then, a change in FHA policy decreed that, for certain 30-year loans, mortgage insurance must be paid for as long as the loan is in effect. Consumers have misconstrued this policy to mean "FHA.