Is this FHA upfront mortgage premium refundable when ltv reach 80 %??? or it is just the part of MI which is
Answers (1)
FIRST ANSWER
Hi Rabia,
FHA requires you will have to pay Mortgage Insurance for a MINIMUM of 5 years, or until you have paid your original LOAN AMOUNT down to 78% (not that the loan amount is 80% of current market value, which is typical for non-FHA MI removal). This "78% or 5-year Rule" before Mortgage insurance can be terminated is covered here: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/fi…
MI refund is based on a few things, and can be reviewed here:
http://www.hud.gov/offices/hsg/comp/refunds/fhafact.cfm
Best, Steve
Web Reference: http://www.Steven-Anthony.com
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