FHA PMI update
October 20, 2008 by Eleanor
Filed under FHA Mortgage Loans
This is an update to an earlier post reagarding FHA’s version of Mortgage Insurance (which is sometimes referred to as PMI).
As we mentioned, FHA mortgages have a one-time mortgage insurance premium, known as upfront mortgage insurance. The cost of this insurance has bounced around alot this year – and is NOW 1.75% of the loan.
This [...]
Mortgage Insurance vs Default Insurance
April 14, 2008 by Eleanor
Filed under First Time Home Buyer, VA Mortgage Loans
Mortgage Insurance and Default Insurance are virtually the same thing. They are called by different acronyms, dependant upon the mortgage loan program you are using to finance your home. It was put into place in the early 1970s to protect lenders against giganitc losses created by large numbers of foreclosure (like the economic conditions we find ourselves in today!) Mark Flanders, of Spokane wrote a great article on potential ways to AVOID paying PMI – although these options are quickly going away.
How do FHA Loans Work?
March 10, 2008 by Eleanor
Filed under FHA Mortgage Loans
The Federal Housing Administration (FHA) has several programs to help folks with homeownership. An FHA loan is a loan insured against default by the government. Because of this guarantee, lenders in this day and time are more interested in making FHA loans than ever!
FHA loans are not for everybody. However, they are great loans for [...]
