How To Get Rid Of FHA Mortgage Insurance…
I’ve written to you about this before, but I think it’s worth covering again.
People ask me if it’s possible to get rid of FHA mortgage insurance.
It is possible, and here is how to do it…
On a 30 year FHA mortgage the annual mortgage insurance premium is canceled once the loan reaches 78% loan to value, and the loan is at least 5 years old.
On a 15 year FHA mortgage the annual mortgage insurance premium is canceled once the loan reaches 78%. The nice ting about the 15 year is that you don’t have to wait 5 years to get rid of – as long as your home gets to 78% ltv.
FHA removes this mortgage insurance automatically. The 78% loan to value is based on the lesser of your purchase price, or its original appraised value.
If you would like to see if you qualify for a mortgage right now - click here and fill out this simple and quick application.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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