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re: FHA: Insurance premiums for mortgages will no longer be phased out at 78%
Posted on 1/31/13 at 7:52 pm to jojothetireguy
Posted on 1/31/13 at 7:52 pm to jojothetireguy
I agree it's gotten a little ridiculous. I think they should tier it based on other cretieria like credit score, debt to income ratios, and even savings. The other thing to consider I guess is how much a jump in mortgage rates would increase your interest payments vs the pmi. In other words, waiting and saving to avoid the pmi and risk a rate increase or just take the pmi in the arse for now. 
1
Posted on 1/31/13 at 7:59 pm to TigerDeBaiter
Yeah basically you can get an FHA loan at a lower rate with higher pmi or a conventional with higher rate and lower pmi. Putting 5% down on a conventional would make our note over 100 less a month than if we do an FHA with the lower interest rate
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