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FHA Mortgage Information

IMPORTANT FOR CURRENT homeowners with FHA mortgages which were insured before May 31, 2009. You have the ability to have SIGNIFICANTLY REDUCED Mortgage Insurance Premiums when you refinance with the "Enhanced" FHA Streamline program!

Anyone with an FHA mortgage knows the one "downside" is the MIP (Mortgage Insurance Premium). An FHA mortgage is the only mortgage that has TWO parts of mortgage insurance - the monthly part, and the "Financed Mortgage Insurance." THAT is the trade off homeowners have for the benefits of an FHA mortgage.

Since 2010 the MIP has GONE UP significantly ! Eliminating much of the benefits of mortgage rates GOING DOWN.

For example the monthly MIP on an FHA mortgage is now over 3/4% HIGHER than it was in 2009. The chart below will illustrate for you how the increases in FHA mortgage insurance premiums have affected the monthly payments.

FHA mortgage programs are popular due to their more lenient downpayment and qualifying guidelines. The major “trade-off” versus conventional mortgages lies in the area of mortgage insurance.

Benefits of an FHA Mortgage include:

1. FHA mortgage have more lenient loan requirements compared to other traditional mortgages such as the conventional mortgage loans.
2. FHA mortgages have lower down payments and can be as low as 3.5 percent when compared to traditional loans which may require higher down payment of 20 percent.
3. As down payments can be as low as 3.5 percent, borrowers can borrow almost 97 percent of the value of the home, which means less cash requirements upfront.
4. The closing costs are usually low in this type of mortgage loans as they are regulated by the HUD.
5. For fixed FHA mortgages, rates are fixed for the life of the loan, so borrowers do not have to worry about their rates changing.
6. Also credit requirements for FHA mortgage are not as stringent compared to other standard mortgage.
7. Borrowers can also qualify for FHA loans even if they had bankruptcies in the past, but they must be at least two years old and have had a good credit for the next two years.
8. Likewise, if borrowers had any foreclosures, they must be three years old and must have a good credit for the next three years.
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