FHA - Now requires Mortgage Insurance to be PAID FOR THE LIFE OF THE LOAN...... No Longer 5 Years Minimum or 20% Equity.
Just wanted to confirm this new RIDICULOUS Information is Correct!!!
Now a buyer needs to pay this FEE for the Term of the Loan 30 Years.
Instead of the 5years.
Buyers will need to REFI when they feel they have 20% equity to get rid of the MIP payment.
either that or put at least 5% down to do a Convention Loan.
(1 Family Owner Occupied)
Just wanted to see if everyone is getting the same info from the Mortgage Compamies.