Mortgage insurance is also known as MIP which is mortgage insurance premium. This came into play after the housing crash in 2005. The federal government bailed out many banks that unlawfully approved loans that has defaulted, foreclosed or if payments are consecutively missed . This is considered a kitty fund fro when banks go under or out of business due to malice on their part. It's sad the homeowners have to pay for this, however there must be a balance in place that hold companies responsible for their actions.
There is a way to get around this by getting a conventional loan with twenty percent down or by purchasing a home by a veteran discharged from the military in good standing. Your premium cannot go up. There are scenarios how this can be paid off and they differ based on your particular situation. This can go away once you reach 20% equity in your home. There are some scenarios that the lender will also cover this cost. Check with your accountant to see how you can write this off on your taxes. There are some credit unions that may be able to waive this under certain conditions.
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September 14, 2022 the National Association of Realtors introduced a bill to reduce Federal Housing Assistance mortgage insurance premium's. Starting March 20th, 2023 this will help more first time buyers get into a home for their family as interest rates soar many out of the housing market with homes for sale. The price of the home determines how much your mortgage insurance premium will cost. By reducing this premium, it will allow more homeowners afford to pay for necessities like food, gas, utility bill and other general bills to survive in this depressed economic environment.
Relief is truly need for America with inflation, rising interest rates, gas prices, food and many other necessities to stay afloat.
Don't forget to visit the Dr Phillips area located minutes from the Disney Theme parks. I am full of resources to include many lenders that can assist, please stay connected and reach out to your trusted advisor and professional realtor Kevin Strawter at 850 496-6412 today.