re: FHA: Insurance premiums for mortgages will no longer be phased out at 78%

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I hope someone from the industry will come in with the facts.

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I immediately sent an email to the two ladies who helped me acquire my loan. I will report back if no one has before then.

Certain statements in it lead me to believe that it is for new loans only, but who knows, like you said, not much detail.

ETA: Just sifting through the comments under the article and one person kind of stated the same thing I did. The comment under it reads:

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It will only apply to those who get loans under the new rules so you should be fine. If you got into a 30 year fixed the terms that you agreed to at closing are the ones that both sides are stuck with for the life of the loan. Remember that you have to pay down the loan below the 78% to get out of the insurance premium. Increases in market\appraised value are not considered when calculating that percentage.

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