The Law Office of Gina M. Pellettieri   ~  171 Horseblock Road, Centereach, N.Y. 11720   ~   (631) 320-1493
The Law Office of Gina M. Pellettieri (631) 320-1493
  • Home
  • Divorce
    • Mediation
    • Separation
    • Uncontested Divorce
    • Collaborative Divorce
  • Mediation
  • Real Estate
  • About Your Attorney
  • Events
  • Blog
  • In the Media

Mortgage Insurance changes on FHA loans to Take Effect June 3, 2013

5/16/2013

0 Comments

 
Thinking of Getting an FHA Loan?  Changes to Mortgage Insurance requirements on FHA loans are coming as of June 3, 2013.

Mortgage Insurance (MI) is a premium paid by borrowers who don't meet certain minimum equity requirements, like not putting at least 20% down so your loan to value (LTV) is over 78%. It used to be that after you reached 78% equity in your home you could cancel the MI. Not so any more. If your LTV starts at 90% or more, you will have to pay MI for the duration of your loan, even if you go below 78% equity. Considering a benefit of FHA loans is that they allow borrowers to put down only 3.5%, it means pretty much all FHA borrowers will have to pay more mortgage insurance.
0 Comments
    Picture

    Author

    Gina is a trained Divorce Mediator and skilled Real Estate Attorney with her own law practice located in Centereach in Suffolk County, New York. For more information on Divorce Mediation, Uncontested Divorce, or buying or selling Real Estate in New York, you can call her at (631) 320-1493

    Archives

    June 2016
    May 2016
    January 2016
    June 2015
    May 2013

    Categories

    All
    Buying & Selling A Home
    Fair Housing & Discrimination
    FHA Mortgage Loan
    Home Maintenance & Permits
    Loan Modification (HAMP)
    Mortgage Insurance
    Retirement Planning
    Spousal Support & Maintenance (Alimony)
    Stay At Home Spouse
    Supreme Court

    RSS Feed

Proudly powered by Weebly