I heard that the rules for FHA premium insurance are changing. Will that effect my current mortgage?

Asked by frankg_61, Washington, DC Mon Mar 4, 2013

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Jason Skipwo…, Agent, Washington, DC
Mon Mar 4, 2013
Frank,

The answers so far are correct. However, previously with FHA loans, once your equity in the property reached 22%, then you could get rid of the monthly PMI. Unfortunately, after April 1, 2013, if you only put down 3.5% when you originally purchased your home, the PMI will remain for the lifetime of the loan, no matter how much equity you have. So while your payment can't change with the FHA changes, you will also not be able to get rid of PMI.
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So if I have a mortgage, for a year now, after April 1 no matter how much I pay down I will still have to pay PMI?
Flag Mon Mar 4, 2013
Miekeba Jones, Agent, Silver Spring, MD
Mon Mar 4, 2013
Hi Frankg your current mortgage should not change. Consult your motgage lender if you decide to refinance.
0 votes
Maureen Dwyer, Agent, Ashburn, VA
Mon Mar 4, 2013
No, what's done is done, no do-over's on mortgages they have already committed to.
0 votes
Hillary Nash, Agent, Washington, DC
Mon Mar 4, 2013
Hi Frank,

Your mortgage will remain the same, the rates will be changing for those that WILL be purchasing and refinancing FHA mortgages, not those that already have one.

I hope this information was helpful!

Hillary~


Hillary Nash McAuley
Nash Holdings, LLC
Exit Elite Realty
301.277.3948 o
202.907.7301 c
hillarynash@mris.com
0 votes
brent mendel…, Mortgage Broker Or Lender, Bethesda, MD
Mon Mar 4, 2013
This one is easy. NO change to you what so ever.
Rest easy. :)
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