Will I have to pay mortgage insurance premiums on my FHA loan with the new changes?

I have an FHA mortgage that I've paid down such that I don't need mortgage insurance anymore, will the new changes bring back my premiums? by DDolan from Cornelia, Georgia. Mar 13th 2013 Reply

Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

No it only applies to loans originated from April 1st 2013 and forward.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

Mar 13th 2013

Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 679 contributions

No, it doesn't apply to your loan, only new FHA loans going forward. You're safe!

Mar 13th 2013

Jason Robinson (CFIsupport)
#56 ranked lender in Georgia - 106 contributions

You should be clear from having to pay anything additional under the new changes.

Mar 13th 2013

Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions

You are in luck! Only new FHA loans require life-of-loan MMI.

Mar 13th 2013

Peter Savino (855411LEND)
#99 ranked lender in New Jersey - 332 contributions

www.HOMEMORTGAGEXPERT.com You will not have any changes, Only new loans from the April date will be effected.

Mar 13th 2013

Charlie Sparks (CharlieSparks)
#8 ranked lender in New Mexico - 401 contributions

Your current loan is safe. If you take out a new FHA loan after 4/1/2013 the higher MIP will apply, but there are exceptions to some refinances paying off a FHA with a new FHA loan.

Mar 13th 2013

Mary Chris Gallo (MaryChrisGallo)
#46 ranked lender in Minnesota - 116 contributions

No! Absolutely not. The change requiring payment of the MMI premium for the life of the loan will be for all case numbers assigned on or after June 3, 2013.

Mar 13th 2013