That’s right. June 3, 2013 the rules will change for some not all of the Federal Housing Administration (FHA) mortgages that allow homeowners to stop paying MIP – mortgage insurance protection. This was a temporary additional payment for five years and then the homeowner was allowed to stop making this additional payment and keep that money for something else. Now, come June 3, 2013 for some of these loans that payment will become permanent lasting for the life of the loan.
In order to protect yourself from this permanent payment, you would have to have an already existing FHA case number and be “grandfathered” into this protection now. Be sure to ask your mortgage broker or banker about this protection. It will help.
YOUR THOUGHTS: Do you think this is fair? Yes? No. Why? Why not?
Feel free to leave your comments and thank you for stopping by. 🙂
And HAPPY MEMORIAL DAY