6 responses to “FHA home loans, is mortgage insurance mandatory?”

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  Brown Sugar September 21st, 2009 at 18:01

  FERDINAND

  as far as i know you will have to pay mortgage insurance until the house note is paid in full. the reason for the insurance is to protect the lender in the event that you cannot pay.

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  A D September 24th, 2009 at 22:05

  AARON

  I believe the rules about MIP on FHA loans have changed and it can be dropped after 5 years.

  You should check with a lender who offers FHA loans (and who doesn’t nowadays?).

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  versantly September 25th, 2009 at 12:25

  JORDAN

  it is very important that you discuss everything in detail with your mortgage lender and that you understand completely the forms you sign. talk to a real estate attorney if you have any questions.

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  Shawnta M September 28th, 2009 at 01:38

  JOHNIE

  With FHA, the government insures the mortgage.
  So, unfortunately, all FHA loans require the mortgage insurance as a stipulation to being financed.

  If you have a 700 plus credit score, you can put 20% down on a conventional loan and save yourself from paying the mortgage insurance.

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  HIGH SHAMAN September 30th, 2009 at 07:22

  MARION

  On an FHA loan ; the Mortgage Insurance is definately REQUIRED .

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  Bill H October 3rd, 2009 at 10:22

  CYRUS

  You can easily check your quotes in internet, for example here – home.bebto.com