FHA Wont Allow Cancellation Of Mortgage Insurance Anymore; Increases Premium

FHA recently announced changes to mortgage insurance premium for home loans insured by the agency. The new guidelines will make FHA loans more expensive. You will also need to pay mortgage insurance for the life of the loan in most cases. Changes to FHA Annual Mortgage Insurance Premium The below chart shows the changes coming […]

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7 Things You Need To Know About Qualified Mortgage (Ability To Repay Rule)

What is a Qualified Mortgage rule? Qualified Mortgage (QM) rule, also called Ability To Repay rule is part of implementing the Dodd-Frank act. QM rule implemented by Consumer Financial Protection Bureau (CFPB), is the first ever attempt at defining and establishing a basic standard for qualifying borrowers for mortgage loans. Loans that qualify as “Qualified […]

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FHA to Hike Mortgage Insurance Premium, Prevent MI Cancellation

Federal Housing Administration (FHA) said it will hike mortgage insurance premium (MIP) again. Its also setting in place regulation that will prevent all new borrowers to cancel their mortgage insurance premium even if the loan-to-value requirement is met during the life of the loan. This was announced in the FHA press release issued on November […]

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California FHA Mortgage Insurance Premium goes up – AGAIN!

FHA recently announced an increase to the Annual Mortgage Insurance Premium on standard California FHA loan programs. This is a second increase in less than 6 months. FHA earlier increased Annual Mortgage Insurance Premium in October 2010. **The information to this post has been updated. Read our complete guide for FHA mortgage insurance premium for […]

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