FHA: Insurance premiums for mortgages will no longer be phased out at 78% | Page 3 | TigerDroppings.com

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jojothetireguy
New Orleans Saints Fan
Live out in Coconut Grove
Member since Jan 2009
9259 posts

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


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





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TortiousTiger
Baton Rouge
Member since Jan 2007
12667 posts

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


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






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LSUSUPERSTAR
LSU Fan
TX
Member since Jan 2005
9946 posts

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


That's what we did. I ran the numbers myself and we came out much better with conventional.





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Siderophore
LSU Fan
Member since Nov 2010
3335 posts

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


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.






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Blakely Bimbo
Alabama Fan
Member since Dec 2010
1113 posts

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


Does anyone have any idea how this will affect the MBS market?





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Mr. Blutarski
Missouri Fan
Hattiesburg, MS
Member since Oct 2012
536 posts

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


Regions just did this to us. Pay $400 for an appraisal. frickers





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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
6817 posts

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


I was told by lender this is effective 4/1/2013





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LSUSUPERSTAR
LSU Fan
TX
Member since Jan 2005
9946 posts

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


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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