MORTGAGE INSURANCE FICO AND LTV CRITERIA
Effective for Mortgage Insurance certificates issued on and after March 9, 2009
Eligibility criteria for obtaining Mortgage Insurance continue to change. The following is accurate as
of the date of this bulletin.
To obtain Mortgage Insurance for Loans with LTV > 80%, regardless of documentation process, the
following criteria is [...]
What is PMI (Private Mortgage Insurance)?
PMI is “foreclosure insurance” for the Lender and only benefits the Lender. In the event you default on your loan, the insurance company will pay the Lender. PMI is usually required on loans with less than a 20% down payment. When you borrower more than 80% of the purchase price [...]
FHA does not fund home loans directly; rather, it provides a guarantee to the mortgage lender against default. There are two separate fees that HUD collects to provide a level of guarantee coverage to the lender:
Up-front mortgage insurance premiums (UFMIP).
Monthly renewal mortgage insurance (Monthly MI).
The up-front mortgage insurance premium, if required, will be 2.25% of [...]
Posted in Mortgage Insurance on January 5th, 2007 No Comments »
Mortgage Insurance be came tax deductible in 2007 for some Delaware homeowners, that means for some home owners looking for a 100% financing, it may be cheaper to get mortgage insurance rather than a piggy back loan.
The 109th Congress passed the tax law in its final hours. Hundreds of thousands of homeowners will save a [...]
I am a Delaware native who has been actively involved in the Mortgage and Finanace industries for over 10 years. Call me at 302-703-0727