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ramon ibarra
a year ago
For example, I bought my house for $158k. My current mortgage balance is $142k. The bank told me a few days ago my home is worth about $245k.
 
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Joe Wallace... Answered 266 more questions
a year ago
This depends greatly on when your FHA loan case number was issued, plus the term of your loan. Bruce Reichstein offered this answer to a similar question earlier:

"FHA issued Mortgagee Letter 2013-04 on January 31st, 2013 clarifying cancellation of the Annual Mortgage Insurance Premium (MIP) for case numbers assigned on or after June 3rd, 2013.

On all loans terms - with loan to values less than or equal to 90%, the duration of the annual MIP is 11 years. For loan to values greater than 90%, the duration is the term of the loan."

But for FHA loans with case numbers unaffected by the above, HUD 4000.1 states that MIP cancellation procedures vary depending on LTV and term of the loan. Best to contact your lender to ask what rules might apply for your specific loan. HUD automatically cancels MIP for loans meeting certain criteria, but the date of your loan may affect how and when MIP cancellation may happen. Unfortunately there are several dates, LTVs that may be affected so there's not a single answer.
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My house in Houston, Texas recently flooded and we are in what was declared a FEMA disaster area. I received a letter from the City of Houston stating that my house was considered substantially damaged. Since we're located inside the 100 year flood plain we can't get a building permit without either jacking up the house or rebuilding 12 inches above the base flood elevation. We have a very low interest rate on our 15 year mortgage and would like to keep that in place.
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Matthew Hall... Asked 1 more question
a year ago
I am looking at purchasing a new house, this would be new construction in a planned community. I currently have an FHA loan on my current house. I have enough equity in my current home along with assets to have a 20% down payment on the next home. Is it possible to start the house and mortgage before selling my current home?
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A Curious User
a year ago
The current mortgage is an FHA loan, and the mortgage documents say that it is an assumable mortgage. How do I get this process started? Is it similar to refinancing? Will the property need to be appraised? I also need to know if it is possible to assume the mortgage, given that I now have one income, instead of two.
The current mortgage is an FHA loan, and the mortgage documents say that it is an assumable mortgage. How do I get this process started? Is it similar to refinancing? Will the property need to be appraised? I also need to know if it is possible to... (more)
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A Curious User
a year ago
My property is zoned for mixed-use (residential and commercial).
My property is zoned for mixed-use (residential and commercial).
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A Curious User
a year ago
I sent over a copy of the transaction as I don't get paper statements mailed to me. Will a copy of the transaction suffice? I'm not comfortable sending over my bank statements. It wasn't necessary for another child's loan.
I sent over a copy of the transaction as I don't get paper statements mailed to me. Will a copy of the transaction suffice? I'm not comfortable sending over my bank statements. It wasn't necessary for another child's loan.
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