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After June 3, 2013 – If you take out an FHA loan in 2017, with a down payment below 10%, you will not be able to cancel your annual mortgage insurance premium until the end of the loan’s term or the first 30 years of the term, whichever comes first. You can also cancel the annual MIP by paying off the loan, which is usually what happens in a refinancing scenario.
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If the FHA loan is originated at an amount equal to or less than 90 LTV, the mortgage insurance must remain for 11 years. FHA also will scrutinize credit scores and debt ratios.
Use your new-found equity to discontinue your FHA mortgage insurance. Refinance into a new loan that does not require mortgage insurance of any kind, and do it immediately. For instance, if you purchased your home for $200,000 with an FHA loan, and the home is now worth $250,000, there’s a good chance you can remove your FHA mortgage.
The recent drop in mortgage rates may have you. Volumes were up 28% from a year prior, according to the Mortgage Bankers Association’s seasonally adjusted index. But if you are among those who may.
The cost of private mortgage insurance can increase your monthly house payment significantly. You can request the insurance be dropped when your loan-to-value has decreased to 80 percent. Also,
you’re not off the hook. In this case, you’ll have to pay FHA mortgage insurance. This helps the lender lower its risk in case you default on the loan. But how much does it cost, what are the terms.
Mortgage insurance premiums add up to a significant cost, and their removal will help lower your monthly housing expense. FHA loans issued on or after April 18, 2011 have an annual premium of between 0.25 percent and 1.15 percent of the home’s value at the time of purchase, depending on the type of loan and initial LTV ratio.
Reader question: “I am confused about the private mortgage insurance that is (or maybe isn't?) attached to FHA loans. I've read that these loans require PMI,
FHA calculates your amount of equity based on the original value of the home for purposes of when mortgage insurance does or doesn’t come off. Because you’ve had your home since December 2007, it automatically cancels once your equity reaches 22%.
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