Home Buying in National City>Question Details

Rabia, Home Buyer in National City, CA

Is this FHA upfront mortgage premium refundable when ltv reach 80 %??? or it is just the part of MI which is

Asked by Rabia, National City, CA Thu May 21, 2009

paid upfront????

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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
0 votes Thank Flag Link Thu May 21, 2009
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