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
Do you need cash out of your home, but you don’t want to refinance the…
I wanted to address the two most common questions that I get regarding reverse mortgages……
Do you need cash out of your home, but you don’t want to refinance the…
Would you like to get cash out of your home, but you don't want to…
If you need cash out of your house, but don't want to touch your first…
I wanted to address the two most common questions that I get regarding reverse mortgages……