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My initial loan payment was 225,000 USD which I applied for in 2009. I refinanced it for 3.75 % in 2012 and am currently paying 176.50 USD as MIP per month. My house prices have gone down and is currently valued at 211,000 USD. Please advise on when I can get rid of the MIP. Does it make sense for me to refinance to a conventional loan and pay off the PMI faster.
I would really appreciate a quick response. Thanks.
Best Answer:
Bruce Reichstein provided an answer to a similar question here recently and I feel it best applies here, also. His answer is as follows:

"Certain rules were in place for FHA insured loans pertaining to cancellation of the Annual Mortgage... (more)
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Juana Secondine
3 days ago
I see that the 2016 FHA loan limit in the area we're considering is $271,050. However, in other articles, I see where the ceiling is much higher (the homes we're looking at are in the $400-530,000 range). I am confused as to what this all means. What is the difference in the loan limit and the ceiling? Thank you in advance.
Best Answer:
FHA loan limits can vary depending on whether the area is considered low-cost, average, or high-cost. The national "conforming limit" is $417,000. High cost areas have a ceiling for one-unit properties of $ 625,500. Low cost areas have, for... (more)
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Danny Subjeck
3 days ago
I was in chapter 13 bankruptcy and discharged in June 2016, my wife did not file only me.
We did refinance (FHA) our home while I was in bankruptcy in December 2015 and it has been the required 9 months since the original FHA loan, are we eligible to refinance with FHA streamline or do we have to wait a specific amount of time.
Best Answer:
HUD 4000.1 states, "A Chapter 13 bankruptcy does not disqualify a Borrower from obtaining an FHA- insured Mortgage, if at the time of case number assignment at least 12 months of the pay-out period under the bankruptcy has elapsed.

The... (more)
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Don Frost
8 days ago
FHA Owner Occupancy Requirements

I am looking to purchase a multi-unit building on an FHA primary mortgage. The first property I am considering is a triplex with 2 units vacant, but move-in ready, and one unit that needs a small amount of refurb. I want to rent the vacant units right away (for cash-flow purposes). My question is, how long do I have to complete the refurb and move in?

The second property I am considering is another triplex, but is fully occupied. Could I purchase this building on an FHA and wait until a unit became vacant to move in myself; or would I have to evict one tenant? How long would I have to complete those actions?

Thank you for your help and guidance,

Don
Best Answer:
From FHA loan rules in HUD 4000.1, page 135: "At least one Borrower must occupy the Property within 60 Days of signing the security instrument and intend to continue occupancy for at least one year. 203(k) Rehabilitation products may have... (more)
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Jeff Frisbee
10 days ago
I have a 2nd lean from Georgia Home safe. This is a forgiveable loan that reduces 20% ever year. Now I am trying to get a FHA refinance to lower my intrest rate and I am being told that even though GHS will subordinate the loan FHA requires that both amounts be added together. When this is done my LTV is higher than 97.75%. Can FHA not use the second lean because it is a subordinated Hardest Hit Foundation loan?
Best Answer:
If I understand your question properly, you'll find that FHA loan rules do require the second lien payments to be included in the total mortgage payment when the second lien is made or held by a government entity.
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We are trying to purchase a home, our credit needs some seriour work, we currently rent the home we live in and really want to buy it what ways can we use my mother in law to help she has her own home, but wants to help us out without the 20 percent second home craziness we keep getting thanks
Best Answer:
Credit issues are a serious part of the loan approval process, and all parties obligated on the mortgage would need to financially qualify. Borrowers with concerns about their credit, and overall preparedness for a new loan should call the FHA at... (more)
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MAUD MCKINNON
12 days ago
My loan is less than 3 years old and I have never been late on a payment(most of the time I pay two weeks in advance). My credit score is good. It will only save me $100 a month.
If the rates have changed why not give mortgage owners the break without the extra cost?
My loan is less than 3 years old and I have never been late on a payment(most of the time I pay two weeks in advance). My credit score is good. It will only save me $100 a month.
If the rates have changed why not give mortgage owners the break... (more)
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T Rags
16 days ago
Purchased a property in 5/2010 via FHA, property now underwater. Are there any programs that can assist in refinancing the property?
Best Answer:
Depending on circumstances, an FHA HAMP might be useful to explore: http://portal.hud.gov/hudportal/HUD?src=/hudprograms/fhahamp

This program is described on the FHA official site as follows: "Mortgagors with FHA-insured mortgages that do not... (more)
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Martha Mayhem
20 days ago
I had my chapter 13 dismissed and continued to pay my depth and rebuild my credit. It has been 6 months and I plan to buy a home within the next 6months. Experian FICO 630, the other two are showing 567. Canny qualify to by a home? My husband score 670 (he did not file the chapter 13)...its complicated...
Best Answer:
HUD 4000.1 states: "A Chapter 13 bankruptcy does not disqualify a Borrower from obtaining an FHA- insured Mortgage, if at the time of case number assignment at least 12 months of the pay-out period under the bankruptcy has... (more)
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