January 31st, 2013 3:37 PM by Michael and Jill Kohler
Hud has announced that cancellations of FHA mortgage insurances is over. Previously you were able to cancel the mortgage insurance when your principal balance reaches 78% of the original principal balance. Effective 2013 FHA once will collect the premium for the entire period during which they are insured. With FHA running out of funds they are taking precautions to protect this program. Also you will expect to see mortgage insurance premiums (annual as well as upfront) to increase.
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