FHA Streamline Question
I have a borrower who got the MIP removed from her FHA loan a few years ago. If I do a streamline for her will she have to start paying the MIP again. This is a 10 year old FHA loan.
by Vinnie The Leg Breaker December 12, 2013 2:23 PM
all new FHA loans have PMI FOREVER....(diabolical laughter)
by LOANMAN December 12, 2013 2:35 PM
Yes. They will have to have it again. BUT, as long as the LTV is under 90% (Sounds like it will be) the MIP will be there for 11 years. Not forever. And it is the reduced factor as well.
by TheKyle December 12, 2013 3:19 PM
by chow December 12, 2013 7:28 PM
Kyle, unless they have jacked credit or no equity they would likely be better off with a full
by LOANMAN December 13, 2013 2:42 PM
buy yes, 11 years, it just seems like forever
by LOANMAN December 13, 2013 5:14 PM