Comments on: FHA’s Upfront Mortgage Insurance Premium and Monthly MI

By: Arizona Mortgage Guru » FHA Mortgage Insurance Rates Now Risk Based

Arizona Mortgage Guru » FHA Mortgage Insurance Rates Now Risk Based — Mon, 14 Jul 2008 01:18:08 +0000

[...] the Upfront Mortgage Insurance Premium (UFMIP)and monthly Mortgage Insurance IMI) will now be risk based. Even though the borrower has the option [...]

By: Shailesh Ghimire

Shailesh Ghimire — Fri, 02 Nov 2007 18:59:29 +0000

Mike P,

Thanks for pointing out the refund is no longer available.

By: Mike P

Mike P — Fri, 02 Nov 2007 09:46:32 +0000

HUD no longer issues refunds for loans made since December 2004… check out HUD’s Mortgagee Letter 2005-03. In other words you’ll never see any of that upfront premium.

By: Arizona Mortgage Guru » Blog Archive » Is the FHA Loan Program Right For Me?

Fri, 19 Oct 2007 17:39:17 +0000

[...] more than 10% down, then you do not need to pay the monthly mortgage insurance. I have addressed MIP and MI in more detail elsewhere so I will not go into more details [...]

By: FHA Loans

FHA Loans — Wed, 17 Oct 2007 23:00:55 +0000

yep I do a lot of FHA loans, and now many borrowers are aware of the FHA mip refund

By: Shailesh Ghimire

Shailesh Ghimire — Tue, 16 Oct 2007 04:58:14 +0000

Carl,

Very good point. Thanks for stopping by.

By: Carl Pruitt

Carl Pruitt — Mon, 15 Oct 2007 19:50:23 +0000

A few years ago when the bond ratings agencies were still showing the subprime pools to be less risky for bond investors than they really are, subprime teaser rates were so low that FHA mortgage insurance did indeed make the payment higher than subprime. Now that the market has “corrected” subprime interest rates higher, FHA loans are a good deal. The base rate is so much lower than subprime that adding a little mortgage insurance (still less than required on conventional Fannie Mae loans) doesn’t take the payment as high as subprime loans do.

By: Rob Aubrey

Rob Aubrey — Sun, 14 Oct 2007 14:00:52 +0000

Good job explaining the Sub Prime vs FHA. I didn’t know about the 10% down part, thanks

It cracks me up, during the don’t ask any questions and I won’t tell any lies period of mortgage lending.

An 80/20 loan.

If you have a first mortgage at 6.5% and a second at 10% and you can’t figure out where the MI is, call me I have swamp land in Florida for sale,

Don’t you just love the mortgage people that don’t qualify to do FHA loans.

FHA Qualified Mortgage Brokers

$250,000 Net Worth (20% liquid)
A Written Quality Control Plan (them b@st#rd$, imagine expecting a minimum level of quality)
You Must Go Through An Annual Audit Of Your FHA Files

Hmmm, sounds like even if I am doing an conventional loan I should use an FHA qualified lender anyway.

Even their name Sub Prime ugh.