In this episode of Seattle Real Estate Chat, Jim Reppond and I discuss FHA’s HAWK program with special guest, Frances Flynn Thorsen.
FHA Mortgage Insurance to remain on loans FOREVER
November 20, 2012 by 11 Comments
HUD has announced in their Annual Report to Congress Regarding Financial Status of the FHA Mutual Mortgage Insurance Fund Fiscal Year 2012, their plan to revise the cancellation of FHA mortgage insurance premiums. This is set to go in effect on new FHA insured mortgages sometime in 2013. [Read more…]
Private Mortgage Insurance
June 2, 2009 by 4 Comments
If you’re buying a home with less than 20% down on a conventional loan, you’ll likely be required to carry private mortgage insurance (PMI). PMI protects the lender — not you — in the event of default. But understanding how PMI works, and which payment structure makes the most sense for your situation, can help you manage costs and make a smarter financing decision.
This guide covers how PMI is calculated, the four main ways to pay for it, and how to cancel it once you’ve built enough equity. If you’re buying or refinancing a home in Washington State, I can help you compare options for your specific scenario.
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