how to reduce pmi on fha loan

The hike in fees serves a twofold purpose: to help shore up the FHA’s sagging mortgage insurance fund, which is dangerously low; and to reduce the government’s footprint in the mortgage market. Only.

What is FHA mortgage insurance? Conventional mortgages require a homebuyer. many lenders had already alerted their customers about lower rates, said David Stevens, president and CEO of the Mortgage.

Then in January 2015, making a major move in the housing industry, the Obama Administration directed, via executive action, the FHA to reduce annual mortgage insurance premiums by 50 basis points, from 1.35% to 0.85%. Compass Point said this represented the first pricing cut since the housing crisis.

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FHA loans are popular for their low 3.5% down payment and low credit requirements. A complete list of all the fha loan requirements updated for 2019.

FHA PMI Removal. If you have an FHA loan and put less than 10% down when you closed on the mortgage, the Federal Housing Administration requires you pay PMI for the life of the loan. You can get rid of PMI on an FHA loan if your LTV is 78% or less by refinancing into a conventional loan.

 · FHA loans with terms of 15 years or less qualify for reduced MIP, as low as 0.45% annually. In addition, there is an upfront mortgage insurance premium (UFMIP) required for FHA.

While FHA loans don’t allow you to avoid PMI altogether, there is a way around it. If you take advantage of the FHA streamline refinance to secure a lower interest rate you will still pay the MIP. The only way to get rid of PMI once and for all is to secure a conventional loan once you are able to improve your credit and/or lower your debt ratio.

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How to Cancel PMI on a Conventional Mortgage Loan But if you can use either refinancing strategy to turn your FHA mortgage into a conventional mortgage with no PMI or lower PMI, you can eliminate your FHA mortgage and the PMI that it will charge.

"I just got an FHA loan last May. Do I qualify for an MIP reduction when it happens?" This is in reference to the January 2015 FHA announcement stating that annual FHA mortgage insurance premiums would be reduced, amounting to a savings as much as $900 per year according to a speech by President Barack Obama.