When do loans ( FHA and Conventional) require mortgage insurance?
Deal Score0
I heard that all loans now require mortgage insurance. Which ones require and which ones do not? Please reply asap as I am trying to apply for a loan with a broker.
Login / Register Submit a deal
No widgets added. You can disable footer widget area in theme options - footer options
Random Posts
- So what do you do with a guy that rips his clients off to the tune of $50 billion?Most people can’t even conceive of a number that large. As an example, let’s assume you made $ 5 million a year (a reasonable amount). It would take you 10,000 years to save $ 50 …
- Obama Plan and Second Mortgages?I have a HELOC on my primary residence of $ 150K.I owe about $ 25,000. What will happen to this line or balance if I refinance under the stimulus plan? I don’t want to lose …
- Do you have to go to college to become a registered nurse?I am turning 16 in march and getting ever so close to adult hood and i am unprepared. I do not know what i would want or be able to do with my life, but …
- PLEASE help me, i’m desperate for advice…would you forgive someone after cheating on you?ok i really need some advice. so you are 26 years old, you have 4 kids (all under the age of 5), you rushed into marriage a bit too fast and are unhappy. your husband …
- Do you get pre-approved for an FHA loan, the way you do with a standard 30 year fixed?I’ve heard that you need to have a purchase contract first before the FHA loan will be approved. Is this correct? Related Posts:House loan questions?Are there any loan plans to get cash out with new…Will …
Random Topics
- How can I get my HUD statement amended after it has been signed?3 years ago my wife and I purchased a home in AZ and payed the seller’s asking price with the condition that there would be $ 3000 in “seller’s assistance” for fees, etc. One of …
- What would be the best way to Save?My new years resolution was save and buy a few things i want and need. I just don’t know the best way to start saving my money. If I deposit money in my savings account …
- credit doc neededmy father wants to help me with downpayment for my first home….however his fico is low! * he has his own business and has amassed 5 properties over the past 30 years.* 3 properties are …
- Which is better 30 year fixed 4.875 % or 5% with 1500$ credit for loanamount of 530K $? How do calculate such scenario ? This is what I did X = Monthly payment 4.875% amortized for 30 years on 530 K Y= Monthly payment 5% amortized for 30 years …
- how to increase credit score?I’m looking to obtain a mortgage next year, and i have couple of charged off credit card account on my credit report. My student loan is just in repayment last month, and i’m on time …
Usually if you have 80% or less Loan to Value (loan is 80% or less of the appraised value) you do not need PMI.
FHA required upfront MIP no matter what, and monthly if over 15 year term. Conventional does not require if you are under 80% LTV.
VA does not- but does require a “funding fee” which may serve the same purpose. FHA charges a large one and since the loan is usually pretty high risk they need that insurance. Conventional conforming requires one on almost all loans that have less than 20% down. Non conforming loans have a whole set of their own rules.
The costs will be there one way or another unless you are putting a substantial amount down.