Q&A: FHA Mortgage?

Posted on Sep 10, 2012 in FHA Information

A few great castle images I found:

Castle Rock
castle
Image by Jeffrey Beall
Castle Rock (Mountain : Douglas County, stomach more about Colo.)

If you would like to see much more homes click here…

Castle Beside The River.
castle
Image by meg_williams
Richmond Castle beside the Swale, Yorkshire.

Construction of the castle started around 1071, much more data here –

www.richmond.org/guide/castle/castle.html

If you would like to see much more houses click here…
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fha mortgage
by danielmoyle

Question by pink_me: FHA Mortgage?
We are refinancing to a FHA mortgage, treatment and I have heard that they do not require PMI insurance, is this true?

Best answer:

Answer by teran_realtor
FHA is for buying a house. I don’t think you can re-fi from conventional to FHA.

Also, when buying a house, the PMI (Private Mortgage Insurance) is what insures conventional loans. FHA loans are insured with what’s called MIP (Mortgage Insurance Premium). With less than 20% equity, it’s gotta get paid to somebody.

Make sure that the lender you’re using is reputable – some will re-fi you, just to make their money even if there is little or no benefit to you.

Add your own answer in the comments!

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One Comment

  1. I’m not sure. I would check the FannieMae website, tehy specialize in these types and other types of loans. I think they may have a chart that compares and contrasts the different pros and cons of each type of loan that they offer. If not look for your local FannieMae provider and I know that they have a detailed book about the size of a coloring book that will tell you everything you need to know and they will be happy to counsel you on your options. Our local place is called Wyatt Mortgage.