– Look at your statement and see where you stand with mortgage insurance payment. You might find that you can stop at this time. Follow your lenders procedure for discontinuing. This entry was posted on Thursday, November 1st, 2007 at 12:49 pm and is filed under FAQ’s.
HUD.gov / U.S. Department of Housing and Urban Development (HUD) – FHA insures mortgages so that lenders will be encouraged to make more mortgages available for people. The FHA mortgage insurance agreement is between FHA and the mortgage company, so you must contact your mortgage company and ask them what they require to drop the insurance.
Mortgage Advice > Does FHA PMI cancel automatically? If not. – The federal law that mandates when and how PMI is cancelled is found in the Homeowner’s Protection Act of 1998 (HPA). For Conventional loans the borrower is allowed to ASK at 80%, but if the borrower does not ask, then the lender MUST at 78%. FHA and VA are not bound by this rule, but as a matter of practice they have followed it.
How does child support affect mortgage qualification? – 10 metros where a home costs about $1,000/month HSH.com identifies 10 metro areas where you can afford the principal, interest, taxes and insurance payments on a median-priced home for only around $1,000 per month.
Cancelling FHA Mortgage Insurance – Mortgage Professor – On loans closed after January 1, 2001 but before June 3, 2013, FHA’s annual mortgage insurance premium will automatically be canceled-once the unpaid principal balance, excluding the upfront premium, reaches 78% of the lower of the initial sales price or appraised value.