Yep My mortgage just went up along with anyone else with a FHA..... Should help out a ton.
Trump administration suspends FHA mortgage premium rate cut
Trump administration suspends FHA mortgage premium rate cut
Trump is making America Great
- Thread starter DavidJ
- Start date
E the massive
.308 Win
Why did you go to the fed.gov for assistance?
Gunright
.45 acp
How does them stopping a CUT cause your mortgage to go UP? The FHA insurance premium is for the FHA to have a fund available if/when borrowers fail to pay. There is a statutory mandate that the fund has 2% or greater capital ratio and the existing amount is approximately 2.32%, just a bit above the legal minimum. This means that of the outstanding loans the FHA is insuring, they can have only a 2.32% loss before the fund is wiped out and the TAXPAYERS ARE ON THE HOOK to make up the difference. To put this in perspective, large US banks have Tier I capital ratio's in the 9-11% range, close to 5X the reserve ratio as the FHA.
The 'cut' was nothing but a way of making Obama look good and does nothing but make the FHA less stable. That plus the fact that FHA loans may have as little as 3.5% down is a recipe for disaster and another housing crisis.
Doc8404
.450/400 Nitro Ex
Snowflakes are gonna bitch
See op
See op
C3D
.338 Win Mag
Stop government subsidy of the housing market entirely. No problem with that, sorry if that pulls the teat out of your suckling mouth DavidJ.
Jmac00
.475 A&M Magnum
I don't care, I have four payments left. Then kill off my Credit card debt. By the end of the year I hope to be debt free
944turbo
.40 S&W
HUD should be dissolved.
gun_slinger_boy
.338 Win Mag
#pownt
yeah actually I was wrong.. again Fake news from top news agencys.. Obama in his last few weeks put in an additional cut for PMI rates, Trump simply reversed this so there will be no cut. The media however is making it out like your rates will go up.
assistance ?? They don't do anything for you accept allow me at age 28 to own my home with out having 50k cash to put down. They don't pay my mortgage, I don't get some special discount. Instead I actually pay more because of the private mortgage insurance.
assistance ?? They don't do anything for you accept allow me at age 28 to own my home with out having 50k cash to put down. They don't pay my mortgage, I don't get some special discount. Instead I actually pay more because of the private mortgage insurance.
I don't believe you pay the monthly fee if you have 20% down. You guys really need to research before you believe fake news from the liberal media. That fee probably keeps that program afloat. I gladly pay the small amount I owe each month, I have a home for my family that I wouldn't have had.
Phazer
.450/400 Nitro Ex
If the economy improves, and real estate prices rise, you can try to have your PMI removed by having your house reappraised.
If the house price in the new appraisal is 20% more than your current mortgage balance, inform your lender (by providing the appraisal) that you now have 20% equity in the property and that you expect the monthly PMI fee to stop. This is what we did after purchasing our first home with way less than a 20% down payment.
If the house price in the new appraisal is 20% more than your current mortgage balance, inform your lender (by providing the appraisal) that you now have 20% equity in the property and that you expect the monthly PMI fee to stop. This is what we did after purchasing our first home with way less than a 20% down payment.
What? No, sorry, cut the BS... Your mortgage actually just went back to what it was! Barack Hussein Obama cut the insurance fee just days before leaving, an irresponsible effort as it would have shorted the insurance fund. Fact is, those who are classified as an increased risk to failure, is, bad credit, pay the insurance. What's the alternative? More free Federal bailout when it fails? The amount (average) is $500 per year, relaxed by Obama and reconstituted by Trump.
Seems what Obama did was make enough mess on the way out the door, that he knows will occupy the incoming POTUS days if not weeks to clean up. A nice FU while heading out the door.
Blimey
.450/400 Nitro Ex
Unfortunately it still requires a re-appraisal, though. At your expense, but it is good advice.
I'm still riding out a 80/20 loan I got. Back in the day we were able to skip PMI by taking out a HELOC with 20% against the house's equity. I bought my house at about 103% LTV and still didn't pay PMI PLUS, for the last 5+ years $40k HELOC Has cost me just under $100/month to carry because the rate was below prime. Totally ridiculous, but they let me do it and it was legal, so
We are looking to move again. Rates are creeping up and the market seems very hot to me locally. Houses are not hanging around for long at all.
Blimey
.450/400 Nitro Ex
Schumer's comments in the article are telling. We are currently in a growing economy with low unemployment and he's deriding the cancellation of a NEW rate cut as some attack on the poor and the american dream. Who is paying for this?
Already anybody itemizing can deduct their mortgage interest, something not possible in most countries.
Already anybody itemizing can deduct their mortgage interest, something not possible in most countries.
Jmac00
.475 A&M Magnum
"Low unemployment" the REAL unemployment record is still over 9%. Democrats are now obstructionists. they have vowed to block every Trump move. But this may come back to bite them in the ass. IF Trump can make health care affordable and start bringing jobs and the economy back, he wins ~~~ I mean WE WIN
Celt
.450/400 Nitro Ex
Op, glad you figured it out, but i cant believe you trusted the media.. makes me think you are looking to find something against trump??.
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