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Home Page > Finance > Loans > What is FHA Loan Insurance?

What is FHA Loan Insurance?

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Posted: Oct 02, 2009 |Comments: 0
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What is FHA loan insurance exactly? When it comes to FHA loan insurance, or FHA loans in general, there seems to be some misconceptions.  It won’t take long but I’d like to clear some of them up for you.

First, it’s important to understand a few things about FHA.  FHA is short for the Federal Housing Administration which is under the Department of Housing and Urban Development (HUD). It was created during the depression as a way to stimulate homeownership. 

One of the biggest misconceptions out there is that FHA loans are loans issued by the federal government.  The truth is, the government is not in the business of directly giving loans to the public for housing. That’s the job of banks and lenders.  Instead, FHA insures a loan originated by a banker or lender.  What this means is if the borrower defaults on the loan then FHA will pay the lender back.

When people understand this the next misconception is, “Oh, so my tax dollars are paying for mortgages people couldn’t pay?”

Well, no.

FHA is completely independent of tax payer dollars. Anytime a borrower obtains a loan that is insured by FHA the borrow must first pay for this insurance which is called the Mortgage Insurance Premium.

Just like you have to pay for car insurance, you have to pay for mortgage insurance. The first year must be paid up front at closing and the remaining monthly payments are included in the mortgage. The amount paid is based on the purchase price of the home along with the amount of money put down. 

The insurance premiums are collected in a general fund and all expenses are paid out of this fund.  It’s completely independent of tax payer dollars.

Finally, there is a misconception that FHA loan insurance is paid until the house is paid off.  The truth is, once there is 22% equity in the home FHA loan insurance will no longer need to be paid. In many cases, it’s up to the home owner to keep up with the amount of equity.

In summary, the Federal Housing Administration (FHA), which operates under HUD, offers insurance to the lender, paid for by the borrower, that in the event a borrower defaults on the mortgage FHA will pay back the lender.  FHA does not produce loans directly to home buyers; it’s an independent of any taxpayer dollars and doesn’t have to be paid when twenty two percent equity has been reached.

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Steve Hattan is a true real estate professional and expert who has listed well over one thousand properties and has saved his clients in excess of five million dollars in commissions and fees. Steve can be contacted through his Personal Blog or through his real estate website www.affordablelistings.com.

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Private mortgage insurance solves the down payment problem but creates two new problems. Your monthly payments will be larger and on top of that it is not tax deductible. Fortunately, there is more than one way to get your desired home without having the 20% down payment and avoid PMI at the same time.

Private mortgage insurance enables a borrower to put down a down payment of only 3-5%. This is also good to give the lender insurance if the borrower defaults on the loan. PMI payments can be large amounts so soon the borrower begins to want to rid himself of those payments. Rules for the suspension of PMI are activated when 22% equity is reached by the borrower. Those rules exclude government-insured FHA or VA mortgages which may be at high risk to default.

Piggyback loans are a way of taking 80% of the sale price of a home on a loan or a first mortgage and then taking a second mortgage of 5%, 10%, or 15%. This is a very popular way of avoiding private mortgage insurance. Even though a second mortgage usually has a higher rate the borrower could save money in the long run due to the fact loan payments are tax deductible unlike PMI payments. A combination of 80% first mortgage, 5% second mortgage and 15% down payment is referred to as 80/5/15. Accordingly, the other two loan combinations are 80/10/10 and 80/15/5.

With many borrowers going to piggyback loans to avoid PMI, a solution by the mortgage industry was introduced that it claimed lowered monthly mortgage payments to the same or lower level as a piggyback loan. The insurance is amortized over the term of the loan which simply means a single payment for the homebuyer. One of the pitfalls of this solution is that few lenders offer this option or work with the PMI structure.

Which loan you choose is entirely dependent on your individual case. You use all the tools at your disposal to make an informed decision. Paying the private mortgage insurance could possibly be a better solution than choosing to avoid it with a second mortgage. The disadvantage to loans with no PMI is that they can have higher interest rates. After making all the necessary calculations, you should carefully consider your options and try to make the best choice for yourself.

Mortgage insurance soon easier to get
In his blog this week, mortgage broker Dennis C. Smith of Stratis Financial in Huntington Beach looks at mortgage insurance underwriting standards and how they are evolving. You can read it HERE

Read more on Orange County Register

Many home buyers find it difficult to provide the required 20% down payment and are forced to pay private mortgage insurance, or PMI, in order to buy a home. Private mortgage insurance solves the down payment problem but creates another two: it increases monthly payments and on top of that it is not tax deductible. Fortunately, there is more than one way to get your desired home without having the 20% down payment and avoid PMI at the same time.

Terminating PMI When You Already Have One

The use of private mortgage insurance has been a great way to make it possible for a borrower to buy a home with as little as 3-5 % down payment and give the lender insurance in case the borrower defaults on the home loan. However since PMI payments can be significant, the borrower starts to ask himself/herself how to get rid of those payments.

The Homeowner’s Protection Act includes rules for automatic suspension of PMI payments and cancellation of PMI when 22% equity in the borrower’s home is reached. Those rules apply to mortgages signed on or after July 29, 1999, and exclude government-insured FHA or VA mortgages that are considered high-risk to default.

Additionally, disregarding the time when the mortgage was signed, the borrower may ask for PMI termination once s/he exceeds 20% equity.

Avoiding Private Mortgage Insurance via a Piggyback Loan

Piggyback loans are a very popular way of avoiding private mortgage insurance. It consists of taking a loan (first mortgage) covering 80% of the sale price of the home and taking and placing additional 5%, 10% or 15% on a second mortgage. A combination of 80% first mortgage, 5% second mortgage and 15% down payment is referred to as 80/5/15. Accordingly, the other two loan combinations are 80/10/10 and 80/15/5.

Although second mortgages generally have higher rates, in the end the borrower may save money because in contrast to PMI payments, now the loan payments are tax deductible.

Choosing a Finance Single Premium Option over Private Mortgage Insurance

Since an increasing number of borrowers are turning to piggyback loans in order to avoid PMI, the mortgage insurance industry came up with this solution claiming that it lowers monthly mortgage payments to the same or lower level as a piggyback loan. With this option homebuyers pay a single premium on their insurance and it is amortized over the term of loan.

One of the pitfalls of this solution is that few lenders offer this option, since Fannie Mae and Freddie Mac do not work with this kind of PMI structure.

Finding a Loan with No Private Mortgage Insurance

Loans with no PMI have one great disadvantage – they typically have higher interest rates. Instead of paying regular PMI, the latter is included in the higher rate of the mortgage.

Which of the above solutions will be best for you depends entirely on your particular case. Sometimes paying the private mortgage insurance might turn out more beneficial than choosing to avoid it with a second mortgage. Therefore you should consider your decision carefully and make all the necessary calculations in order to make the right choice.

Who is insured by FHA Mortgage Insurance and what are the benefits?

 FHA’s mortgage insurance is insurance coverage that protects Florida mortgage lenders against some or most of the losses that can occur when a Florida mortgage applicant defaults on an FHA mortgage loan.

The Housing and Economic Recovery Act of 2008 requires FHA Mortgage Insurance on all new Florida FHA mortgage loans. This FHA mortgage insurance coverage is purchased and paid for by the Florida mortgage applicant. The cost of mortgage insurance may include an up-front premium of 1.75% of the loan amount as well as an annual premium of .55 annually that is collected monthly and added to the borrower’s mortgage payment. The amount and duration of payment is based on the FHA loan type, FHA loan term, and FHA loan amount to property value ratio.

Florida FHA mortgage applicants benefit from the FHA insurance in the following ways:

Easier to Qualify: Because FHA insures your Florida mortgage, Florida FHA lenders are more willing to give you loan terms that make it easier for you to qualify. In fact, even if you have had credit problems, such as a bankruptcy, it’s easier for you to qualify for a Florida FHA loan than a conventional loan.

Lower Down Payment: Florida FHA loans have a low 3.5% down payment and that money can come from a family member, grant, employer or charitable organization as a gift. Other loan programs don’t allow this.

Costs Less:  Florida FHA loans have competitive interest rates because the Federal government insures the loan.

Helps You Keep Your Home: The Florida FHA has been around since 1934 and will continue to be here to protect you. Should you encounter hard times after buying your home, FHA has many options to help you keep you in your Florida home and avoid foreclosure.

For more information, visit http://www.fhamortgageprograms.com/florida/

FHA Set To Increase Annual Mortgage Insurance Premium
FHA Set To Increase Annual Mortgage Insurance Premium

Read more on FOX Business

If you’re planning on buying a home, and are like most Canadians, you probably will fall shy of the 20% down payment to obtain a conventional loan. Therefore, you’ll need private mortgage insurance (PMI). Now, some of you may look at “private mortgage insurance” and think that’s a good thing, but it’s not; at least, not for you. Why? Well, when you hear the word “insurance,” you probably think of something that you pay for and that protects you. However, when it comes to private mortgage insurance (PMI), that thought is only partially correct; as a homebuyer with a non-conventional mortgage, you will need to pay private mortgage insurance but the PMI but the insurance is not for your benefit; it’s for the benefit (and protection) of your mortgage lender. Do not misunderstand. PMI does have its merits but if you can avoid paying PMI, try. Here are the three top reasons why:

DOWNER #1: No Benefit For The Family:
With a life insurance policy, if something happens to you, your family reaps the benefits of the monies you’ve paid into the policy. However, that’s not the case with PMI. If something happens and you’re not able to make mortgage payments, your family gets nothing from the private mortgage insurance company; no grace period and no payout of monies paid into the PMI. What’s more is that, if your family is unable to keep up with the mortgage (and PMI) payments, you / they will lose the home.

DOWNER #2: It’s Like Being Tethered To A Ball & Chain:
PMI isn’t something that you can just stop making payments on when you don’t want the service anymore; if you have to pay PMI, then it’s a requirement of your mortgage. As such, terms are always set to determine when PMI will no longer be required. Some mortgage lenders will agree to allow PMI to cease once you have a specific amount of equity in the home (20%+ typically) while others will require that PMI payments be made for a specified amount of time, regardless of the amount of equity in the home. Additionally, once you’ve satisfied the PMI-related terms of your mortgage, you’ll still have to cut through your lender’s PMI company’s red tape in order to cancel the PMI. Translation: You can’t de-shackle yourself from PMI until your lender / PMI company releases you.

DOWNER #3: The Opportunity Cost Is High:
A home is an investment but the money you spend paying PMI is just that, a payment. It is not an investment. However, if you are able to obtain a loan without paying PMI, the same money you would’ve spent on the PMI could be used to invest in something on which you could earn interest or some other financial return. For comparison’s sake, presume that a mortgage you were interested in required a $1,500 annual PMI payment. Well, that payment would simply be money spent once it was paid. Conversely, if you saved that same $1,500 over one year and then invested it in a mutual fund, you could actually use that money to earn more money. That sounds much better than just making a payment, doesn’t it?

With that said, it’s important to note that having PMI is not necessarily bad; it’s just not preferred. After all, the reality is that many Canadians cannot afford the 20% down payment required to obtain a conventional mortgage. Paying PMI makes it possible for Canadians who would not otherwise be able to own to become homeowners. And in the end, if homeownership is the goal, then owning a home and paying a mortgage with PMI is better not owning at all.

The Federal Housing Authority’s home buying programs require that a mortgage insurance premium (MIP) of 1.5% of the amount of the loan be paid upon closing. Fortunately, homebuyers can finance the cost of the MIP into their mortgage amount. An additional .50% MIP is added in the PITI (principal, interest, taxes, and insurance) of each monthly payment. Condominiums do not require the 1.5% up-front MIP, only the monthly .50%.

FHA loans carry a higher mortgage interest premium than conventional loan programs, which only demand MIPs as little as .5% (for those homebuyers putting 10% down), with a renewal rate as little as .3% in subsequent years.

It is a widely-known fact that FHA mortgages help a wide variety of Americans who otherwise would not be able to afford a home to buy one. FHA insured loans are not for everyone, however. Though the down payment and therefore up-front costs are lower on FHA mortgages, the monthly payments might possibly be higher.

There is no clear-cut rule to whether a specific FHA loan would cost you more or less than a conventional loan. Just as with conventional mortgages, different FHA mortgages have different interest rates and different loan terms based on numerous factors, not least of which is your credit. With a conventional loan, your credit is considered jointly with your income.

As FHA loans are designed more for low-to-moderate income households, an applicant’s credit is weighted even heavier. The result of this could potentially be higher interest rates and (with the additional cost of monthly mortgage insurance premiums) higher monthly payments than you could get by coming up with a larger down payment and getting a conventional loan.

Of course, that is not always an option for would-be homebuyers. Fortunately, many of the closing costs associated with FHA mortgages can be financed into the loans. The FHA also helps homebuyers by imposing limits on how much money mortgage companies can charge in certain fees, such as loan origination fees which, according to the restrictions placed upon FHA lenders, cannot be higher than 1% of the total loan amount.

The most striking fact about the cost of FHA mortgage insurance however is its cost to taxpayers, that being nil. FHA mortgage is totally self-funded, with the money paid by borrowers in mortgage insurance premiums going directly into an account which pays for the FHA’s expenses. The bottom line of this is that not only do FHA-insured mortgages and FHA mortgage insurance benefit borrowers and lenders alike, but all hardworking American taxpayers as well.

When to stop paying mortgage insurance?
How long do you have to pay mortgage insurance? Mortgage broker Dennis C. Smith of Stratis Financial in Huntington Beach says he has been getting that question a lot lately. He answers it in his blog. He writes: “Many of our mortgages include…

Read more on Orange County Register