Health & Fitness
New FHA Mortgage Insurance Premium Cancellation Policy, Effective June 3, 2013
If you are currently purchasing a home with an FHA laon get your case number before 6/3/2013
Get your FHA Contracts in as soon as possible…
FHA Mortgage Insurance changes coming as of June 3rd.
You must have your FHA case number by this Friday to have the mortgage insurance fall off.
Find out what's happening in Kirkwoodfor free with the latest updates from Patch.
Find out what's happening in Kirkwoodfor free with the latest updates from Patch.
The upcoming changes….
Cancellation of Mortgage Insurance Premium (MIP)
(Effective for case numbers issued on or after 6/3/2013)
• MIP no longer terminates at 78% LTV.
• MIP on loans with an LTV greater than 90% is charged for the life of the loan regardless of loan term.
• MIP on loans with an LTV of equal to or less than 90% is charged with MIP for 11 years regardless of loan term.
The monthly mortgage insurance will never fall off for some borrowers !
Results you can count on!
Contact me at 314-717-1170 or www.MichelleGegg.cbp1.com
Michelle Gegg Realtor Associate for Coldwell Banker Premier Group.
Follow me every Thursday on Kirkwood Patch to see what homes sold each week.