FHA: Insurance premiums for mortgages will no longer be phased out at 78%
Return to Board  •  Menu  •  Bottom  Page 3 of 3
Message
re: FHA: Insurance premiums for mortgages will no longer be phased out at 78%
Posted by jojothetireguy on 1/31 at 8:11 pm to TigerDeBaiter
Yeah but we still have to pay pmi, and that just pisses me off. There aren't alot of people who will be willing to part with 20%. I worked hard to keep my credit great, pay my bills in time and this is what we get for it. Having to pay for lender's mistakes


Reply  •  Back to Top
Posted by TortiousTiger on 1/31 at 9:01 pm to rmc
quote:

So what is the point in having mortgage insurance when the balance is 50% LTV? Mortgage insurance lobby is stacked apparently.


then they will be outside the FHA target market



Reply  •  Back to Top
Posted by LSUSUPERSTAR on 1/31 at 9:08 pm to jojothetireguy
That's what we did. I ran the numbers myself and we came out much better with conventional.


Reply  •  Back to Top
Posted by Siderophore on 1/31 at 9:54 pm to TortiousTiger
He isn't talking about putting down 50% at purchase.

But there is a point during pay back that you have as much or more equity in the home than you owe.

And there is zero rationale to charge PMI in that period.



Reply  •  Back to Top
Posted by Blakely Bimbo on 2/1 at 10:56 am to Siderophore
Does anyone have any idea how this will affect the MBS market?


Reply  •  Back to Top
Posted by Mr. Blutarski on 2/1 at 4:33 pm to C
Regions just did this to us. Pay $400 for an appraisal. frickers


Reply  •  Back to Top
Posted by ItNeverRains on 2/1 at 7:40 pm to Mr. Blutarski
I was told by lender this is effective 4/1/2013


Reply  •  Back to Top
Posted by LSUSUPERSTAR on 2/2 at 10:40 am to jojothetireguy
quote:

Yeah but we still have to pay pmi, and that just pisses me off. There aren't alot of people who will be willing to part with 20%. I worked hard to keep my credit great, pay my bills in time and this is what we get for it. Having to pay for lender's mistakes


Just get a conventional loan. You can get one for as little as 5% down now. They have a staggered PMI rate based on how much you put down. You should be able to Google it and find one. Their PMI rates are also much lower than FHA PMI rates. The trade off is their mortgage rates are usually a little higher. I ran numbers in a spreadsheet and always came out ahead going with conventional. This turn of events is just another reason to go conventional.



Reply  •  Back to Top  •  Refresh
Return to Board
Jump to Page   

           Page 3 of 3           


 

 Message Boards
 Tiger Rant
 Recruiting Board
 SEC Rant
 Saints Talk
 Pelicans Talk
 More Sports Board
 Coaching Changes
 Soccer Board
 O-T Lounge
 Tech Board
 Outdoor Board
 Movie/TV Board
 Music Board
 Political Talk
 Money Talk
 Fark Board
 Gaming Board
 Fantasy Sports
 Food and Drink Board
 Ticket Exchange
 Help Board
 

 News
 LSU
 More Sports
 Sports Lite
 

 Other Options
 >> Search
 

 SECRant.com Links
 SEC Rant
 SEC Recruiting
 SEC Tickets
 Off-Topic Board
 

 Geaux.com Dining Guide
 New Orleans
 Baton Rouge
 

 Site Features (Full Version)
 Home Page
 LSU Football Schedule
 Pick'em Home Page
 
Back to top
Sign In 
View in: Desktop
Copyright ©2014 TigerDroppings.com.