Author bio section

I am the author of this blog and also a top-producing Loan Officer and CEO of InstaMortgage Inc, the fastest-growing mortgage company in America. All the advice is based on my experience of helping thousands of homebuyers and homeowners. We are a mortgage company and will help you with all your mortgage needs. Unlike lead generation websites, we do not sell your information to multiple lenders or third-party companies.

Yes it is possible to get a California FHA Loan without paying for the annual Mortgage Insurance (MI). While you will still pay the Upfront Mortgage Insurance Premium of 1.75%, the annual Mortgage Insurance Premium can be completely waived in one scenario.

**This is changing starting June 3, 2013. Get the details on this blog post published on February 23, 2013.**

FHA recently issued a Mortgagee Letter that confirms that the Annual Mortgage Insurance Premium will not be charged if a loan meets these 2 criteria:

  • The Loan is a 15 Year Fixed Loan
  • LTV (Loan to Property Value Ratio) is at 78% or less of the property Value

See the chart below for the complete breakdown of FHA Upfront and Annual Mortgage Insurance Premiums.

FHA_Mortgage_Insurance_Premium

You may also like to read – 6 Myths of FHA Loans: What’s True, What’s not!