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Started By
Message
re: FHA: Insurance premiums for mortgages will no longer be phased out at 78%
Posted on 1/31/13 at 8:11 pm to TigerDeBaiter
Posted on 1/31/13 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
1
Posted on 1/31/13 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
Posted on 1/31/13 at 9:08 pm to jojothetireguy
That's what we did. I ran the numbers myself and we came out much better with conventional.
Posted on 1/31/13 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.
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.
Posted on 2/1/13 at 10:56 am to Siderophore
Does anyone have any idea how this will affect the MBS market?
Posted on 2/1/13 at 4:33 pm to C
Regions just did this to us. Pay $400 for an appraisal. frickers
Posted on 2/1/13 at 7:40 pm to Mr. Blutarski
I was told by lender this is effective 4/1/2013
Posted on 2/2/13 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.
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