Many people ask me if they have to pay monthly mortgage insurance on an FHA loan.
The answer is “yes”. Unless…
There are really only two ways around monthly mortgage insurance on an FHA loan…
1) Do a 15 year mortgage and the loan to value ratio has to be under 90%.
2) Do a 30 yr fixed fha mortgage. Pay MI for 5 years – then you can get rid of it if the loan to value ratio is under 78%.
Thanks for reading and have a great day!
Brett
If you are thinking about buying a house, but you aren’t really sure if it’s…
Here is a breakdown of the maximum seller help amounts by loan program… Program: Conventional…
Your property tax bill usually comes out in late November, or early December. There are…
If you want to acquire rental properties, but you are having issues proving your income…
If you receive money from the State or a County sponsored organization for providing foster…
FHA gift questions come up often. I wanted to give you the rules on FHA…