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Ask The Expert: Will the FHA Eliminate the MIP When Homes Hit 78% Equity?

Abraham from Florida asks: Do you anticipate the FHA making changes to eliminate the MIP when homes reach 78% equity instead of this lifetime MIP? 

HershmanDave: I have had several questions about the status of FHA changes. These inquiries have intensified since FHA reported a healthy balance sheet to Congress several months ago. More recently, Julia Gordon was confirmed as the Commissioner of FHA. Could this be the catalyst which enables the administration to move forward with the rumored changes?

First, what changes might be coming? Abraham mentioned one change: the elimination of FHA monthly mortgage insurance for life. It is not assured that they would adopt a 78% standard such as the one which applies to conforming loans. It could be another variation which achieves a similar result. The government seems to always go out of its way to not be consistent.

Another change that's been rumored is the lowering of the upfront and/or annual mortgage insurance cost. With the insurance fund in good shape and delinquencies down, such a move would make sense. On the other hand, others are warning that until the forbearance period ends for thousands of FHA borrowers, we can’t get a good reading of where delinquencies will wind up. Might these changes come and when? It is not unusual for an administration to release good news before an election. We will just have to wait and see. 

Dave Hershman is Senior VP of Sales of Weichert Financial and the top author in the mortgage industry. Dave has published seven books, as well as hundreds of articles and is the founder of the OriginationPro Marketing System and Mortgage School – the online choice for expert mortgage learning and marketing content. His site is www.OriginationPro.com and he can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it..

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