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Juan Castillo
6 months ago
Loan origination date July 2009, loan amount 154,000, currently owe 129,000. Zillow appraisal estimate is 179,000. I have not done an appraisal yet though.
 
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Joe Wallace... Answered 313 more questions
6 months ago
Bruce Reichstein answered a variant of this common question a while back-here's his answer:

"Certain rules were in place for FHA insured loans pertaining to cancellation of the Annual Mortgage Insurance Premium (MIP) for case numbers assigned prior to June 3rd, 2013. New rules apply for case numbers assigned after that date. Dates for removal guidelines are critical.

Removal for a 30 Year Term – borrower must pay the monthly insurance premium for a minimum of 60 months and the loan must reach 78% loan-to-value (LTV) as a result of paying the loan down (amortization). LTV is determined by the original sales price on the closing statement and not the new value of the home.

Removal for a 15 Year Loan Term – For Loans that closed prior to June, 2012 – there is NO requirement that FHA MIP be paid for 60 months if the LTV is below 78%. LTV is determined by the original sales price on the closing statement and not the new value of the home.

How to Cancel the FHA MIP? While it states that FHA will automatically drop the monthly FHA MIP based on the amortization schedule, this is not always the case. We suggest contacting your mortgage servicer to make sure they are aware of your projected date for your MIP removal and for any other procedures needed."
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Juan Castillo
6 months ago
Thanks Joe & Bruce
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Angela York
4 months ago
I purchased a home in Nashville in Jan 2015 and it is a FHA loan where I made a down payment of 3.5%. Am i allowed to rent that home with the FHA loan and apply for a new FHA loan with 3.5 % down, in order to move to Mt Juliet TN 30 miles from my Nashville home?
I purchased a home in Nashville in Jan 2015 and it is a FHA loan where I made a down payment of 3.5%. Am i allowed to rent that home with the FHA loan and apply for a new FHA loan with 3.5 % down, in order to move to Mt Juliet TN 30 miles from my... (more)
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A Curious User
2 years 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
2 years 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
2 years 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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Matthew Hall... Asked 1 more question
2 years ago
My home value has risen enough within the last year to where what I owe is 80% of the current value of the home according to the county appraisal. I am still a long way off from 80% of the original purchase value. Is it possible to remove the MIP based on the current value of the home?
My home value has risen enough within the last year to where what I owe is 80% of the current value of the home according to the county appraisal. I am still a long way off from 80% of the original purchase value. Is it possible to remove the MIP... (more)
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