New 30-year debt: FHA to collect MIPs for life of mortgage

11/26/2012 10:12 AM | Anonymous
While this is not set in stone, there is speculation and rumor that FHA will change its current policy which allows a homeowner to stop paying mortgage insurance premiums once the mortgage has been paid down to 78% and at least 60 payments have been made. 

Needing funds, and recognizing that FHA liability remains in effect for the entire 30 year live of a  loan, this is seen by some as a quick source for additional revenues.  Since the chance is thought likely to apply only to loans originated after the policy change is announced,  this may provide an added incentive (as if today's low interest rates aren't enough!) for your former customers to participate in a HUD streamlined refinance. 

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