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does mortgage insurance go away on fha

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If you’re getting ready to sell your home, and anticipate that some of your potential buyers may use FHA financing, it is important to make sure that your home does not have any FHA violations.

The FHA homebuyer pays for the policy upfront and monthly. Borrowers normally pay monthly MIP for the life of the FHA loan. But, there are ways to get rid of your mortgage insurance. You can cancel it with a refinance. If you have an FHA loan opened prior to June 2013, you can also wait for it to terminate automatically.

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FHA mortgage insurance can’t be canceled if you make a down payment of less than 10%; you get rid of FHA mortgage insurance payments by refinancing the mortgage into a non-FHA loan.

Wells Fargo offers several low down payment options, including conventional loans (those not backed by a government agency).. conventional fixed-rate loans are available with a down payment as low as 3%. Keep in mind that with a low down payment mortgage insurance will be required, which increases the cost of the loan and will increase your monthly payment. We’ll explain the options available.

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FHA borrowers will see an increase in annual mortgage insurance premiums, but not to their maximums. According to the Department of Housing and Urban Development, "Although the law authorized HUD to go up to these amounts, HUD is not doing so at this time." (Emphasis ours).

About The Author. Stacey Sprain – As an op-ed writer, Ms. Stacey Sprain is currently a NAMP® Certified Ambassador Loan Processor (NAMP®-CALP). With over 15+ years of mortgage banking experience, Stacey is also a quality control manager for a major mortgage lending institution.

FHA mortgage insurance can go away on loans that were issued before July 3, 2013, once the loan to value ratio becomes 78 percent or less. On homes that were purchased after this date, you can only get rid of MIP if you put down a ten percent down payment.

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