Fha Mip Do You Have To Pay FHA MIP Even If You Are At 80%?
Do you have to pay FHA MIP even if you are at 80%? - fha mip
The attempt to do a refi and was told that even if you are at 80% with a new FHA refinancing is required to pay the MIP for 5 years. Is that true?
Please do not reply if you are a runner or other references to know the answer exactly.
Also, how much is paid in advance and how much they pay per month.
Thank you.
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2 comments:
It is easy to refute. HUD Direct ....
"If you pay an insurance premium mortgage advance charges a monthly premium of mortgage insurance until the loan value of your mortgage at 78 percent of the original purchase price or estimated value of your home, which was lower (provided that premiums) are paid for at least five years. You can reach the loan of 78 per cent threshold in one of two ways: Through normal amortization, you pay monthly, either through additional repayments on the mortgage market. Your lender can advise you if the mortgage loans has reached 78 per cent mark. If you do not pay premiums in advance will pay the monthly premium of mortgage life.
Yes, you have the premiums for at least five years to pay, and you should have a LTV of 78% compared to 80%.
Yes, it's true. FHA MIP charges for all loans, even if the LTV is below 80% for a minimum stay of 5 years.
If you do a lot of that justice, then who, if I were you I would be that the conventional loan programs as an option for refinancing FHA and left alone.
In any case, I will repay a minimum price for refined.
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