Posted on: 03rd Oct, 2010 06:33 am
Does the lender have to charge me mortgage insurance on an fha loan, if the home I'm buying has an LTV lower than 78%
Hi Guest,
Welcome to Mortgage fit,
If you wish to remove the insurance part from your FHA mortgage,here are some of the requirements you must meet.
1.You should have paid the insurance for last 5 years.
2.LTV should be lower than 78% (you qualify for it.)
3. You should not be late on your monthly payments for more than 30 days for last 12 months.
Feel free to ask any further query if you have....
DIPA
Welcome to Mortgage fit,
If you wish to remove the insurance part from your FHA mortgage,here are some of the requirements you must meet.
1.You should have paid the insurance for last 5 years.
2.LTV should be lower than 78% (you qualify for it.)
3. You should not be late on your monthly payments for more than 30 days for last 12 months.
Feel free to ask any further query if you have....
DIPA
Guest, sorry for the incorrect answer that DIPA provided. Basically, if you are applying for a loan and the LTV is below 78%, then you do not need to apply for an FHA loan.
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Firstly you need to know that the FHA does not set interest rates, regulate closing costs or negotiate discount points on the mortgage.