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FHA mortgage insurance

I'm refinancing..house appraisal...$205,000.loan $100,000. Lending company is charging for mortgage insurance...are they wrong? by jrmalik554 from Romeoville, Illinois. 15 days ago Reply


Barclay Butler (Barclay)
#2 ranked lender in Illinois - 60 contributions

For a conv. loan yes you should not have MI after 80% LTV or having 20% equity in the property. If your loan is FHA you will have it no matter how much equity you have in your home. VA loans do not have MI. Barclay Butler. 224-420-9990. bbutler@barclaybutlerfinancial.com

14 days ago
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Dawn Blackman (dawnblackmanacademymortgage)
#1 ranked lender in Indiana - 2 contributions

Depending on the loan program they are suggesting FHA will have mortgage Insurance for the life of the loan now. Conventional loan as well as a few other programs should not if you have over 80% equity. Feel free to contact me if you have any further questions Dawn BlackmanProducing Loan Officer for the Allison Dent Team | NMLS #130476112 Clark St. Crown Point, IN 46307? D: (219) 213-2008? dawn.blackman@AcademyMortgage.comwww.AcademyMortgage.com/dawnblackman

14 days ago
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John Burke (jburke)
#2 ranked lender in Texas - 128 contributions

Hi Jrmalik554,FHA loans require MI no matter what BUT with 10% or more in equity the MI is a little cheaper & it will only last for 11 years, not for the life of the loan. Is there a reason you're looking at an FHA loan instead of a conventional loan?| Please feel free to contact me for more information or help. | John Burke | Senior Mortgage Banker | Great Plains National Bank http://www.valoansdoneright.com | (877)228-9069 | Lending in ALL 50 states

14 days ago
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,402 contributions

No.. All FHA loans are required to pay MI.. both upfront and monthly.. If you have sufficient credit scores and can meet eligibility requirements, then going conventional might be a better way to go.. with conventional, if you have 20% equity or more, there is no MI.. Also, FHA just announced a reduction in the monthly MI for loans that close after January 27th, 2017... Keep that in mind if you have to go FHA.. I'm the preferred Lender here in Scottsdale AZ and Arizona and California is my primary market. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

13 days ago
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Sara Deere (SARAinMO)
#2 ranked lender in Missouri - 427 contributions

For a conventional loan you should not be charged MI with those two amounts. I am licensed in KS, IL, and MO to help people with their residential mortgage needs.

12 days ago
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Mike and Jill Kohler (LenderMike)
#1 ranked lender in Pennsylvania - 41 contributions

All FHA loans have pmi insurance. I would see if you qualify conventionally. When you are under 80% loan to value on conventional loans you won't need pmi insurance. I would find out why you are refinancing FHA and not conventionally.

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