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Established Member
jeffcasd
Posts: 30
Registered: ‎07-03-2009
0

FHA

Question did pmi for the life of the loan already start or does it start in June
Starting Score: 647 equifax fico 660 Transunion fico 627 experian fico lender pulled
Current Score: 648,660,627
Goal Score: 735 across the board
Valued Member
Tingnting
Posts: 33
Registered: ‎02-20-2011
0

Re: FHA

http://ficoforums.myfico.com/t5/Mortgage-Loans/FHA-mortgage-insurance-changes-4-1-13-amp-6-3-13/td-p...

 

Both


Starting Score: 606 EQ 2/11
Current Score: 738 EQ - 4/13, 702 TU - 3/13, 729 EX - 3/13 (Lender Pulled)
Goal Score: 700 Club


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Frequent Contributor
Adalen
Posts: 353
Registered: ‎05-01-2007
0

Re: FHA

PMI for the life of the loan starts in June.

2011: EQ 580~
2012: EQ 620~
2013: EQ 641, TU98 645, TU04 635, TU08 635, EX 648 (lender)
Closed on first home 4/25/13.
Established Member
jeffcasd
Posts: 30
Registered: ‎07-03-2009
0

Re: FHA

 
Starting Score: 647 equifax fico 660 Transunion fico 627 experian fico lender pulled
Current Score: 648,660,627
Goal Score: 735 across the board
Established Member
jeffcasd
Posts: 30
Registered: ‎07-03-2009
0

Re: FHA

So on a 30 year fixed FHA pmi for life starts June 1
Starting Score: 647 equifax fico 660 Transunion fico 627 experian fico lender pulled
Current Score: 648,660,627
Goal Score: 735 across the board
Frequent Contributor
Kozmo
Posts: 320
Registered: ‎07-08-2012
0

Re: FHA

No

June 3rd

As long as you have a case # before then you're ok
Valued Contributor
boomhower
Posts: 1,863
Registered: ‎09-20-2011
0

Re: FHA

As long as you apply and get your case number before the cut off date you'll be fine.  You don't have to close before the date, just have your case number.  

 

This policy is horrible and just an undue experence to be born by borrowers.  Just going to make everyone have to refinance down the road. 

Regular Contributor
getmycreditright
Posts: 199
Registered: ‎05-23-2007
0

Re: FHA

I think it's ridiculous as well. $250 PMI over the course of 30 years amounts to $90,000! Once this goes into effect, I think it will have a negative impact on the housing market. People who barely qualify will be saddled with that unnecessary expense for way too long. Buyers who almost qualify for conventional will just wait it out , which could cause some delays in home purchases as well.

-------------------------------------------------------------------------------------------------
Starting Score - 575 (4/10)
Current Score - EQ - 750, TU - 752, EX - 728 11/4/12

Current Cards:
AMEX SPG ($7.5k), Amazon.com Visa ($3k), Discover More ($2k) all since 11/4/12

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Regular Contributor
deadbishop
Posts: 130
Registered: ‎05-19-2012
0

Re: FHA

+1 getmycreditright agree 100 percent!
Bankrupcy 7 Filed 2/20/2012
Discharged 6/18/2012
FICO as of 7/6/2012
TU 630 Classic (04)
EQ 641 FACTA Beacon 5.0
EX 607 Fair Isaac (ver. 2)

Established Contributor
jordanmedical
Posts: 1,011
Registered: ‎04-08-2012
0

Re: FHA

The PMI currently decreases every year as your balance does so it'll probably be less but I agree, it is rediculous.

-Rebuilding with CapOne Cash: $1.5k, NFCU cashRewards $8.5K, NavCheck $5K, Wal-Mart: $1.1K, Sam's: $1.2K, Amazon: $1.9K, Apple Barclay: $3K, Haverty's: $1.5K, GE capital: $5K, Sears: $250(AU), PP MC:$1.5K, CareCredit:$3K (closed 1st home 05/08/13)
Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
Current Score: EX,EQ,TU (lender pull): 652, 659, 689, Walmart TU FICO: 691 (05/13)
Goal Score: 700

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