Sunday, October 19, 2008

FHA Wiki - This is a great idea.

Consumers, lenders, title agents, and real estate agents are always looking for a reliable source for FHA program info.  The FHA on-line resources have really come into their own.  Take a look at this Wikipedia run by FHA.gov.


Here's a good one:  How do I determine when the annual MIP will be cancelled?

For loans closed on or after January 1, 2001, FHA's annual MIP will be automatically terminated under the following conditions: 1. For mortgages with terms more than 15 years, the MIP will be terminated when the Loan to Value (LTV) ratio reaches 78%, provided the borrower has paid the MIP for at least five years. If the LTV reaches 78% and the borrower has not paid MIP for at least five years then the borrower must continue to pay MIP until the five year requirement is met. 2. For mortgages with terms 15 years and less and with LTV ratios of 90% and greater, the MIP will be terminated when the LTV ratio reaches 78%, irrespective of the length of time the borrower has paid the MIP. 3. Mortgages with terms 15 years and less and with LTV ratios of 89.99% and less will not be charged MIP. Read more....

No comments: