Deadline to Refinance Your Lakeland Fl Home With An FHA Loan Is On June 3
By Petra Norris, Realtor, Lakeland FL Homes for Sale
(Lakeland Real Estate Group, Inc.)
Deadline to Refinance Your Lakeland Fl Home With An FHA Loan Is On June 3, 2013 If you are looking to refinance your Lakeland Fl home with an FHA loan, then you should do all your paperwork before June 3, 2013. After June 3rd, homeowners with FHA loans can no longer cancel their mortgage insurance premiums once the outstanding principal balance of the loan reaches 78% of the original balance. For loans where the starting balance is higher than 90% of the appraised value, the owner will be required to pay the premiums for the life of the loan. If the loan to ratio value starts at 90% or lower, then the borrower must pay the premium payments for 11 years, even if the loan drops under 78% of the original balance. For most loans with a case number starting with April 1, the FHA has raised t...
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