is there a way to avoid private mortgage insurance on an fha loan by making a significant down payment, say 30% or higher? by LStotc_970_345 from Stamford, Connecticut. Sep 10th 2012
Not on an FHA loan, unfortunately. They always require MIP (Mortgage Insurance Premium). However, the premium amount is slightly less when you put more than 10% down. You CAN nearly eliminate the MIP if you go with a 15 year fixed.
Fha Loans will require mortgage insurance for a minimum of 60 months. If you have 20% or more for down payment and an a decent credit score, a conventional loan may be a better option for you. That program would not have mortgage insurance. We are a direct lender in CT. call or email me for a free breakdown of your purchase loan options. Pbotros@omegaloans.net or 908-933-0253 ext 319 or just ask for Peter.
All FHA loans over a 15-year term require initial monthly mortgage insurance required regardless of down payment. For FHA loans with LTV less than, or equal to, 78 percent : No monthly insurance required. All FHA loans still have the initial up-front mortgage insurance premium. Need an FHA loan in MN? Visit http://fha-streamline-refinance-mn.com
Yes, but why?? if you use FHA and go 15 years, and put 22% or more down, you will not have to pay monthly MI, but you will still pay the FHA upfront premium of1.75% .. if you have 20% or more to put down, you will get better use of your money by going conventional financing.. no MI or upfront MI.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
No. If you are going to put 30% down, go conventional. If you can't go conventional, because of credit issues in the past, like say, a foreclosure 3 years ago, FHA is the only way to go because you would be deemed a high risk borrower by conventional lenders leaving only FHA as a possible solution. Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950
Unfortunately mortgage insurance on FHA mortgages is required. There are other financing options to avoid private mortgage insurance. Please call me for a free quote at 1-800-737-1366 ext. 202. Steven N Taylor-President/Loan Officer MLO#4349 First Northern Financial Group, Inc. MB#1537 980 Eddie Dowling Highway N.Smithfield, RI 02896
At 80% loan-to-value, which is putting 20% down, there is no longer a requirement for private mortgage insurance. Therefore putting 30% down would also eliminate private mortgage insurance.
Only on 15 year FHA. On 30 year you will need to wait a minimum of 5 years to get the monthly mi removed assuming the vale is 78% or less. Why would you want an FHA mortgage if you are putting down so much? Call me and I can answer all your questions. 203-525-3672
Your better off with going a conventional mortgage. If your score is below 620 I would say use a portion of your down payment to increase your scores. It would save you a substantial amount of money in the long run. Our organization has a free credit improvement program.
Without MI, you need to get a 15 year fixed. I assume that you don't have a 660 credit score to get a conventional loan? If you have at leaset a 660, you should get a conventional loan 30 year fixed.Call or e-mail to explore your mortgage options. janet@commercialct.com 860-866-5504
If you do a 15 year FHA but if you are doing a FHA instead of a conventional loan putting so much money down I would say you have a high debt to income ratio and if that is the case a 15 year would not work. On a 30 year FHA loan you have to pay pmi a minimum of 5 years. We cover CT feel free to reach out to us and and let us see what we can figure out for your situation. 201-962-3555 or Team@BestMortgageOption.com
FHA DOES NOT HAVE PMI INSURANCE IT HAS MIP INSURANCE. ALL LOANS REQUIRE THE INSURANCE FOR AT LEAST 5 YEARS.MAYBE ELIMINATED AFTER 5 YEARS AT 78% LTV. MIP INSURANCE IS TAX DEDUCT. JOHN SCHLOBOHM 914-433-4646
FHA requires you to carry PMI for a minimum of 5 years. However, the monthly PMI will vary depending on LTV and term of the mortgage. A 15 year mortgage does not require PMI.
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