FHA MIP Release

Posted Posted in Annapolis, MD real estate, Anne Arundel County real estate, Chesapeake Bay area real estate, FHA Mortgages, Maryland real estate, Maryland's Eastern Shore real estate, mortgages, Queen Anne's County real estate, real estate, Talbot County real estate

FHA loans require mortgage insurance premium to cover a possible loss to the lender if the property has to be foreclosed and sold. The premium is substantial and eliminating the MIP would reduce the payment considerably. The MIP must remain in effect for five years but after that, when the balance is 78% of the […]