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Is it true that FHA ins drops off at 78% LTV?

by nwiger904 from Glenwood, Florida. Dec 28th 2020 Reply


Kay Cleland (kay@kcmortgagecolorado.com)
#31 ranked lender in Colorado - 229 contributions

No, not FHA.. Conventional does

Dec 28th 2020
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,300 contributions

It is True, but it depends. If your FHA mortgage was originated under an FHA case File established on or after June 3, 2013, and the loan was more than 90% of the appraised value used for underwriting, then your 30-year Mortgage will require Mortgage Insurance until the balance is paid off. All other loans may or may not have the Mortgage Insurance cancelled at some point prior to payoff. The trigger for cancellation is driven by the date the terms of your loan and the date the Case File was established. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ At NEXA, we've got you covered. We are licensed in all states except MA and NY and we are pending approval in VA, so give us a call. ~ www.ApplyYes.com 480-889-9000.

Dec 28th 2020
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,468 contributions

NOT anymore. If you received your FHA loan AFTER June 2013, the FHA mortgage insurance falls into two categories. If you have a down payment of less than 10%, it NEVER goes away. The only way to get rid of it is to refinance into a conventional loan. If you had a down payment of more than 10%, then the mortgage insurance goes away after 132 payments. The only way sooner is again to refinance to a conventional loan. If the loan was prior to June 2013, then the PMI DOES go away once you reach 78% of the original loan through payments only. I provide FHA loans in MN, Wi, IA, SD, ND. Find me at FirstTimeHomeBuyer-MN.com - NMLS 274132

Dec 29th 2020
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