This Market Chart compares the costs and benefits of assorted forms of default insurance demanded by mortgage lenders on loans with LTVs exceeding 80%, and suggests the optimal financing path for homebuyers and their agents.
This article exposes the inclusion of default insurance premiums and impounds as part of the total monthly payment on an FHA-insured loan, and their effect on the amount the homebuyer is qualified to borrow. Similarly discussed are the costs of private mortgage insurance (PMI).
FHA Reform Act Passed On Thursday, June 10, the United States House of Representatives passed the Fair Housing Administration (FHA) Reform Act. Upon further(almost certain) approval by the Senate, the FHA will be permitted to modify its method of administering mortgage insurance premiums (MIPs) on new mortgages. The FHA will then shift much of the [...]
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