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So we are going the FHA route instead of the USDA guaranteed because of deferred student loan issues. Anywho, I know with FHA comes more expensive monthly mortgage insurance.
My question is with the new mortgage insurance decrease for FHA (.85%) does it automatically go away after 11 years or is it for the lifetime of the loan? Can it ever be petitioned to be removed. I do plan to ask our LO but she is closed until Monday.
@Anonymous wrote:So we are going the FHA route instead of the USDA guaranteed because of deferred student loan issues. Anywho, I know with FHA comes more expensive monthly mortgage insurance.
My question is with the new mortgage insurance decrease for FHA (.85%) does it automatically go away after 11 years or is it for the lifetime of the loan? Can it ever be petitioned to be removed. I do plan to ask our LO but she is closed until Monday.
If you put 10% or more down for your down payment on a FHA loan, then the MIP (Mortgage Insurance Premium) goes away after 11 years.
If you put down less than 10% then the monthly mortgage insurance premium stays for the life of the loan.
It is the same.
Urgh. I'm so sorry to hear this, CreditThinker. But in the end, having a home of your own will be worth it. At least the interest rates are great! When my parents bought their home, they had 9%!
what is your rate if you do not mind me asking please
we locked in 3.50 Usda loan