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A borrower needs to pay mortgage insurance premium (MIP), if he buys home with an FHA mortgage and puts down less than 20% of the purchase price. But is it possible to avoid paying MIP, even though you’re making less than 20% down payment?

Well, one of the posters in MortgageFit forums has a similar query. He intends to make a down payment of 3.5%-5% on an FHA loan to buy a home for $320,000. But he says the house is appraised by the lender at $410,000. He asks:

Can he remove the MIP since there’s enough equity in the home?

It is a well known fact that the Fair Credit Reporting Act gives us the rights to dispute the incorrect information mentioned in our credit report. However, most of us do not know how to file a credit report dispute. Here are a few steps which may help you file a credit report dispute:

Recently, there has been a discussion in the forums where a poster in Arizona has sought suggestions from the community members regarding deficiency from foreclosure and taxes to be paid on it. Given below is the situation described by him in the forum:

When you're served with a complaint for divorce, it'll create problems both financially as well as mentally. People are confused after receiving the complaint and don't know what to do. Thus, they commit certain financial mistakes which can later on cause further problems for them. Check out some of the common financial mistakes that you should avoid during divorce:

In the last few years, the number of people filing bankruptcy in the month of January and February has increased a lot. This is because the debtors incur huge credit card debts during November and December while they buy gifts for their friends and relatives. However, the debtors want to have an easy recourse – they want to file bankruptcy and make a fresh start. But, things are not so easy. As per the bankruptcy code, this is known as "credit card binge" and Section 523(a)(2)(C) addresses this issue.

There has been a forum discussion where a poster has asked if he can qualify for an FHA-insured loan as he is self employed. The loan officer, he talked to, said he would not qualify for the FHA loan unless he does a Statement of Income and shows considerable amount of money in the bank. Alternatively, he can also have a co-signer to qualify for the loan. The poster currently lives in a 3-family home and wishes to use the rental income to qualify for the new loan. His questions are:

Christmas is back again! It's time to plan again for the budget so that buying gifts and arranging for a vacation becomes easier for you. Here are few tips which will help you in spending your Christmas in a simple and enjoyable manner:

You might be working under various employers from time to time. But what about the 410(k) retirement plan that you've with your employers? Lot of people are confused as to whether or not they should leave the account as it is or roll it over into an IRA account.  Let's check out which is the best option to go for:

Housing prices are still going low and most of us are thinking that it would be the best time to buy the dream home in 2010. With the extension and expansion of first time homebuyer's tax credit, things have become easier for most of us. However, before you decide to apply for a mortgage in 2010, here are 5 things you need to know:

With the rising number of foreclosures in the country, many of the struggling homeowners are opting to file bankruptcy as a means to get rid of their unmanageable debts. Queries related to bankruptcy are quite common in the forums these days. Here’s one such query on which the community had a discussion recently: