Showing posts with label HUD. Show all posts
Showing posts with label HUD. Show all posts

HUD Approved Housing Counseling Agencies for Kentucky Home Buyers



HUD Approved Housing Counseling Agencies for Kentucky Home buyers
Agencies located in KENTUCKY

Agency Name Phone, Toll-Free,
Fax Number,
Email, Website Address Counseling Services Languages Parent Organization
KENTUCKY COMMUNITIES ECONOMIC OPPORTUNITY COUNCIL, INC. (KCEOC) Phone: 606-546-3152
Fax: 606-546-5057
E-mail: dcornelius@kceoc.com 5448 N. U.S. 25E, Ste.A
PO Box 490
Barbourville, Kentucky 40906 - Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops - English KENTUCKY HOUSING CORPORATION
BOWLING GREEN HUMAN RIGHTS COMMISSION Phone: 270-782-7900
Fax: 270-782-6997
E-mail: bghrc1@aol.com
Website:www.bgky.org/humanrights.htm 491 Double Springs Road
BOWLING GREEN, Kentucky 42101-5185 - Fair Housing Pre-Purchase Education Workshops
- Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Predatory Lending Education Workshops
- Services for Homeless Counseling - English
- Spanish
CCCS OF THE MIDWEST Phone: 800-355-2227
Toll-free: 800-355-2227
Fax: 614-552-4800
E-mail: info@apprisen.com
Website: www.apprisen.com 1725 Ashley Circle, Ste 107
BOWLING GREEN, Kentucky 42104-5811 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops - English CCCS OF THE MIDWEST/APPRISEN
HOUSING ASSISTANCE AND DEVELOPMENT SERVICES, INC. Phone: 270-796-4176
Fax: 270-796-8203
E-mail: hands@handsinc.net
Website: www.handsinc.net 1133 Adams Street
BOWLING GREEN, Kentucky 42101-2603 - Fair Housing Pre-Purchase Education Workshops
- Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Rental Housing Counseling
- Services for Homeless Counseling - English
KENTUCKY LEGAL AID Phone: 270-782-1924
E-mail: N/A
Website: www.klaid.org 1700 Destiny Ln
BOWLING GREEN, Kentucky 42104-1063 - Mortgage Delinquency and Default Resolution Counseling
- Pre-purchase Counseling
- Rental Housing Counseling
- Services for Homeless Counseling - English
- Spanish WEST TENNESSEE LEGAL SERVICES, INCORPORATED
LIVE THE DREAM DEVELOPMENT, INC Phone: 270-843-6071-7124
Fax: 270-781-7091
E-mail: eholley@habg.org 247 Double Springs Road
BOWLING GREEN, Kentucky 42101-5160 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Predatory Lending Education Workshops - English
CAMPBELLSVILLE HOUSING AND REDEVELOPMENT AUTHORITY Phone: 270-465-3576-236
Fax: 270-465-2444
E-mail: jhall@campbellsvillehousing.com
Website: www.cvillehousingonline.com 400 Ingram Ave
PO Box 597
CAMPBELLSVILLE, Kentucky 42718-1627 - Financial Management/Budget Counseling
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Rental Housing Counseling - English
CATHOLIC CHARITIES, DIOCESE OF COVINGTON Phone: 859-581-8974
Fax: 859-581-9595
E-mail: info@covingtoncharities.org
Website: www.covingtoncharities.org 3629 Church St
COVINGTON, Kentucky 41015-1430 - Fair Housing Pre-Purchase Education Workshops
- Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Predatory Lending Education Workshops
- Rental Housing Counseling
- Services for Homeless Counseling - English
- Spanish CATHOLIC CHARITIES USA
LEGAL AID OF THE BLUEGRASS Phone: 859-957-0189
Toll-free: 800-274-5863
Fax: 606-783-1342
E-mail: bcombs@lablaw.org
Website: www.lablaw.org 104 East 7th Street
COVINGTON, Kentucky 41011-2502 - Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Predatory Lending Education Workshops
- Rental Housing Counseling
- Services for Homeless Counseling - English
- Spanish WEST TENNESSEE LEGAL SERVICES, INCORPORATED
CCCS OF THE MIDWEST Phone: 800-355-2227
Toll-free: 800-355-2227
Fax: 614-552-4800
E-mail: info@apprisen.com
Website: www.apprisen.com/home.asp 950 North Mulberry
Suite 220F
ELIZABETHTOWN, Kentucky 42701-3612 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops - English CCCS OF THE MIDWEST/APPRISEN
CCCS OF THE MIDWEST Phone: 800-355-2227
Toll-free: 800-355-2227
Fax: 614-552-4800
E-mail: info@apprisen.com
Website: www.apprisen.com/home.asp 11 Shelby Street
FLORENCE, Kentucky 41042-1612 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops - English CCCS OF THE MIDWEST/APPRISEN
CCCS OF THE MIDWEST Phone: 800-355-2227
Toll-free: 800-355-2227
Fax: 614-552-4800
E-mail: info@apprisen.com
Website: www.apprisen.com 649 Charity Court
#15
FRANKFORT, Kentucky 40601-4223 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops - English CCCS OF THE MIDWEST/APPRISEN
KENTUCKY DOMESTIC VIOLENCE ASSOCIATION Phone: 502-209-5382-502
Toll-free: 502-209-5382
Fax: 502-226-5382
E-mail: modoherty@kdva.org
Website: kdva.org 111 Darby Shire Circle
FRANKFORT, Kentucky 40601-2741 - Pre-purchase Homebuyer Education Workshops - English KENTUCKY HOUSING CORPORATION
KENTUCKY HOUSING CORPORATION Phone: 502-564-7630-775
Toll-free: 800-633-8896
Fax: 502-564-5657
E-mail: shillard@kyhousing.org
Website: www.kyhousing.org 1231 Louisville Rd.
FRANKFORT, Kentucky 40601-6156 - Fair Housing Pre-Purchase Education Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Predatory Lending Education Workshops - English
- Spanish
KCEOC COMMUNITY ACTION PARTNERSHIP, INC. Phone: 606-546-3152-300
Fax: 606-546-5057
E-mail: jsmith@kceoc.com
Website: www.povertyisreal.com 5448 N US 25 E, Suite A
GRAY, Kentucky 40734-6582 - Fair Housing Pre-Purchase Education Workshops
- Financial Management/Budget Counseling
- Financial, Budgeting and Credit Repair Workshops
- Home Improvement and Rehabilitation Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Predatory Lending Education Workshops
- Rental Housing Counseling
- Rental Housing Workshops
- Resolving/Preventing Mortgage Delinquency Workshops
- Services for Homeless Counseling - English
LESLIE, KNOTT, LETCHER, PERRY COMMUNITY ACTION CENTER Phone: 606-436-3161-180
Toll-free: 800-401-4287
Fax: 606-439-1157
E-mail: a.thompson@lklp.net
Website: www.lklp.org 98 Roy Campbell
HAZARD, Kentucky 41701-9444 - Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops - English KENTUCKY HOUSING CORPORATION
BARRET CENTER, INC Phone: 270-827-1486-114
Fax: 270-826-8673
E-mail: susangay@hahenderson.net 111 S Adams Street
HENDERSON, Kentucky 42420-3611 - Pre-purchase Homebuyer Education Workshops - English KENTUCKY HOUSING CORPORATION
KENTUCKY LEGAL AID, INCORPORATED Phone: 270-782-5740
Toll-free: 866-452-9243
Fax: 270-782-5740
E-mail: scrocker@klaid.org
Website: www.klaid.org 1411 South Main Street
HOPKINSVILLE, Kentucky 42240-2017 - Mortgage Delinquency and Default Resolution Counseling
- Pre-purchase Counseling
- Rental Housing Counseling - English KENTUCKY LEGAL AID
CCCS OF THE MIDWEST Phone: 800-355-2227
Toll-free: 800-355-2227
Fax: 614-552-4800
E-mail: info@apprisen.com
Website: www.apprisen.com/home.asp 2265 Harrodsburg Road
Stuite. 303
LEXINGTON, Kentucky 40504-3500 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops - English CCCS OF THE MIDWEST/APPRISEN
COMMUNITY VENTURES CORPORATION Phone: 859-231-0054
E-mail: dmajor@cvcky.org
Website: www.asite.com 1450 N Broadway
Lexington, Kentucky 40505-3162 - Fair Housing Pre-Purchase Education Workshops
- Financial Management/Budget Counseling
- Home Improvement and Rehabilitation Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Predatory Lending Education Workshops
- Rental Housing Counseling - Arabic
- Cambodian
- English NEIGHBORHOOD REINVESTMENT CORPORATION
REACH, INC. Phone: 859-455-8057
Fax: 859-455-7436
E-mail: kjones@reachky.com
Website: www.reachky.com 733 Red Mile Rd
Lexington, Kentucky 40504+1153 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops - English
- Spanish
ROAD TO HOMEOWNERSHIP, INC. Phone: 502-647-3027
Fax: 502-647-3099
E-mail:ybradford@theroadleadinghome.org 121 Prosterous Place Ste A
LEXINGTON, Kentucky 40509-1800 - Fair Housing Pre-Purchase Education Workshops
- Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Predatory Lending Education Workshops
- Rental Housing Counseling
- Services for Homeless Counseling - English
CCCS OF THE MIDWEST Phone: 800-355-2227
Toll-free: 800-355-2227
Fax: 614-552-4800
E-mail: info@apprisen.com
Website: www.apprisen.com 2100 Gardiner Lane Ste 103A
LOUISVILLE, Kentucky 40205-2900 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops - English CCCS OF THE MIDWEST/APPRISEN
CCCS OF THE MIDWEST Phone: 800-355-2227
Toll-free: 800-355-2227
Fax: 614-552-4800
E-mail: info@apprisen.com
Website: www.apprisen.com 11492 Bluegrass Parkway
Suite 110
LOUISVILLE, Kentucky 40299-2334 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops - English CCCS OF THE MIDWEST/APPRISEN
HOUSING FOUNDATION Phone: 270-965-2233
Toll-free: 866-965-2239
Fax: 775-213-7867
E-mail: myhomeky@bellsouth.net
Website: www.myhomeky.org 330 North Hubbards Lane Office #4
LOUISVILLE, Kentucky 40207-2396 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops - English KENTUCKY HOUSING CORPORATION
LEGAL AID SOCIETY, INC. Phone: 502-584-1254
Fax: 502-584-8014
E-mail: spope@laslou.org 416 West Muhammad Ali Blvd., Suite 300
LOUISVILLE, Kentucky 40202-3376 - Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Predatory Lending Education Workshops
- Rental Housing Counseling
- Services for Homeless Counseling - English
- French
- Hindi
- Other
- Spanish WEST TENNESSEE LEGAL SERVICES, INCORPORATED
LOUISVILLE CENTRAL COMMUNITY CENTER Phone: 502-583-8821
Fax: 502-583-8824
E-mail: rclay@lcccnews.org 1300 W. Muhammad Ali Blvd
LOUISVILLE, Kentucky 40203-1744 - Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops - English KENTUCKY HOUSING CORPORATION
LOUISVILLE URBAN LEAGUE Phone: 502-566-3362
Fax: 502-568-4663
E-mail: cmccravy@lul.org
Website: www.lul.org 1535 West Broadway
LOUISVILLE, Kentucky 40203-3515 - Fair Housing Pre-Purchase Education Workshops
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Predatory Lending Education Workshops
- Rental Housing Counseling
- Services for Homeless Counseling - English NATIONAL URBAN LEAGUE
NID-HCA SICKLES Phone: 502-810-9200
Fax: 502-966-6040
E-mail: nidhca.sickles@gmail.com
Website: www.nidonline.org & www.makingyourhomeaffordable.org 3215 Fern Valley Road, Suite #106
LOUISVILLE, Kentucky 40213-3563 - Fair Housing Pre-Purchase Education Workshops
- Financial Management/Budget Counseling
- Home Improvement and Rehabilitation Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Predatory Lending Education Workshops
- Rental Housing Counseling
- Services for Homeless Counseling - English
- Spanish NATIONAL ASSOCIATION OF REAL ESTATE BROKERS-INVESTMENT DIVISION, INC
THE HOUSING PARTNERSHIP, INC Phone: 502-585-5451
E-mail: lwood@wearehpi.org
Website: www.asite.com 321 Guthrie Grn
LOUISVILLE, Kentucky 40202-1813 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Predatory Lending Education Workshops
- Rental Housing Counseling - English
- Spanish HOUSING PARTNERSHIP NETWORK
KENTUCKY LEGAL AID, INCORPORATED Phone: 270-782-5740
Toll-free: 800-782-1924
Fax: 270-825-0689
E-mail: scrocker@klaid.org
Website: www.klaid.org 100 South Railroad Street, # 120
MADISONVILLE, Kentucky 42431-2467 - Mortgage Delinquency and Default Resolution Counseling
- Pre-purchase Counseling
- Rental Housing Counseling - English KENTUCKY LEGAL AID
DANIEL BOONE DEVELOPMENT COUNCIL Phone: 606-598-5127
Fax: 606-599-9712
E-mail:marthanna.dobson@danielboonecaa.org
Website: none 1535 Shamrock Road
MANCHESTER, Kentucky 40962-9201 - Pre-purchase Counseling - English KENTUCKY HOUSING CORPORATION
PURCHASE AREA HOUSING CORPORATION Phone: 270-247-7171
Fax: 270-251-6110
E-mail:David.Hargrove@purchaseadd.org
Website: www.purchaseadd.org 1002 Medical Dr
MAYFIELD, Kentucky 42066-1184 - Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Rental Housing Counseling
- Services for Homeless Counseling - English
BRIGHTON CENTER, INCORPORATED Phone: 859-491-8303
E-mail: brighton@brightoncenter.com
Website: brightoncenter.com 799 Ann ST
NEWPORT, Kentucky 41071-1218 - Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Rental Housing Counseling - English
KENTUCKY LEGAL AID, INCORPORATED Phone: 270-782-5740
Toll-free: 866-452-9243
Fax: 270-683-3513
E-mail: jmorre@klaid.org
Website: www.klaid.org 117 West 2nd Street
OWENSBORO, Kentucky 42303-4112 - Mortgage Delinquency and Default Resolution Counseling
- Pre-purchase Counseling
- Rental Housing Counseling - English
- Spanish KENTUCKY LEGAL AID
CLEARPOINT FINANCIAL SOLUTIONS, INC. Phone: 877-877-1995
Toll-free: 877-877-1995
E-mail:customer.service@clearpointccs.org
Website: www.clearpointccs.org 118 Bleich Rd
C-Plant Credit Union Building
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PADUCAH, Kentucky 42003-8703 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Pre-purchase Counseling - ASL
- English
- Spanish CLEARPOINT FINANCIAL SOLUTIONS, INC.
KENTUCKY LEGAL AID, INCORPORATED Phone: 270-782-5740
Toll-free: 866-452-9243
Fax: 270-782-5740
E-mail: jmorre@klaid.org
Website: www.klaid.org 1122 Jefferson Street
PADUCAH, Kentucky 42001-1836 - Mortgage Delinquency and Default Resolution Counseling
- Pre-purchase Counseling
- Rental Housing Counseling - English KENTUCKY LEGAL AID
CCCS OF THE MIDWEST Phone: 800-355-2227
Toll-free: 800-355-2227
Fax: 614-552-4800
E-mail: info@cccservices.com
Website:www.cccservices.com/home.asp 317 Main Street
PIKEVILLE, Kentucky 41501-1135 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops - English CCCS OF THE MIDWEST/APPRISEN
BELL-WHITLEY COMMUNITY ACTION AGENCY, INC. Phone: 606-337-3044
Fax: 606-337-1439
E-mail: normancornelius@bell-whitley.org
Website: bell-whitley.org 129 Pine St.
PO Box 159
PINEVILLE, Kentucky 40977-1625 - Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops - English KENTUCKY HOUSING CORPORATION
APPALACHIAN RESEARCH AND DEFENSE FUND OF KENTUCKY Phone: 606-886-3876
Toll-free: 800-556-3876
Fax: 606-886-3704
E-mail: dianef@setel.com
Website: www.ardfky.org 120 North Front Avenue
PRESTONSBURG, Kentucky 41653-7832 - Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Predatory Lending Education Workshops
- Rental Housing Counseling
- Services for Homeless Counseling - English
- Spanish WEST TENNESSEE LEGAL SERVICES, INCORPORATED
CCCS OF THE MIDWEST Phone: 800-355-2227
Toll-free: 800-355-2227
Fax: 614-552-4800
E-mail: info@cccservices.com
Website: www.cccservices.com 200 E Main St 2nd Floor
RICHMOND, Kentucky 40475-1628 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops - English CCCS OF THE MIDWEST/APPRISEN
HAZEL JOYCE WILEY CAREER AND FINANCIAL LITERACY INSTITUTE, INC Phone: 502-647-3072
Fax: 502-647-3099
E-mail: hjwfinancial@bellsouth.net
Website: www.hjwfinancial.org 330 Main Street
SHELBYVILLE, Kentucky 40065-1026 - Fair Housing Pre-Purchase Education Workshops
- Financial Management/Budget Counseling
- Home Improvement and Rehabilitation Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Predatory Lending Education Workshops
- Rental Housing Counseling
- Services for Homeless Counseling - English
- Spanish
POTENTIALS INC Phone: 606-416-5711
E-mail:potentials.scarlette@newwavecomm.net 105 Burdine Street
SOMERSET, Kentucky 42501-2311 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Rental Housing Counseling - English KENTUCKY HOUSING CORPORATION
PEOPLE'S SELF-HELP HOUSING, INC. Phone: 606-796-6333
Fax: 606-796-2606
E-mail: brendapshh@alltel.net 307 KY 59
VANCEBURG, Kentucky 41179-7648 - Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops - English KENTUCKY HOUSING CORPORATION
GATEWAY COMMUNITY SERVICE ORGANIZATION, INC Phone: 606-743-3133
Fax: 606-743-1130
E-mail: debbie.vannorman@gcscap.org 124 College Street
PO Box 367
WEST LIBERTY, Kentucky 41472-1115 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops - English KENTUCKY HOUSING CORPORA


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Mortgage Insurance Rates Increasing on FHA Loans

Mortgage Insurance Rates Increasing on Kentucky FHA Loans


Mortgage Insurance Rates Increasing on Kentucky FHA Loans

by MERIDITH DOUCETTE on MARCH 21, 2012

FHA Mortgage Insurance Rates Will Be Going Up on All New Kentucky FHA Loans Assigned April 9, 2012 and After.
Kentucky FHA Loans are loans insured by the Federal Housing Administration (FHA). These insured loans minimize the risk lenders face by allowing buyers a down payment less than 20% of the price of the home. Kentucky FHA Loans offer features that are attractive to many home buyers such as:
  • Low Down Payment – as low as 3.5% of the purchase price of the home
  • Low Closing Costs – closing costs, mortgage insurance and other fees can be included in the loan
  • Easier Credit Qualifications – those who don’t have the credit score or history to qualify for a conventional loan may qualify for FHA financing
Because Kentucky FHA loans allow a down payment of less than 20% of the purchase price of the home, mortgage insurance is required for these loans. Mortgage insurance premiums on Kentucky FHA loans are much less than premiums for private mortgage insurance and most of the premium can be added to the loan. For FHA loans, a portion of the Mortgage Insurance Premium (MIP) known as the Up Front Mortgage Insurance Premium (UFMIP) is added to the loan balance rather than being paid out-of-pocket at closing. Then, the remaining portion of the MIP due is added to the monthly payment.
While FHA mortgage insurance premiums will continue to be lower than premiums for private mortgage insurance, FHA mortgage insurance rates will be going up on all new loans assigned April 9, 2012 and after. The UFMIP rate, which is included in the loan, will change from 1.00% to 1.75% of the loan amount. The MIP rate will change from 1.15% to 1.25% of the loan amount. Here is an example of how these changes will impact a loan for $400,000*:
New FHA Loan
(After April 1, 2012)
Old FHA Loan
(March 31, 2012 or prior)
Purchase Price
$400,000
$400,000
Down Payment %
3.5%
3.5%
Down Payment Amount ($)
$14,000
$14,000
Interest Rate
4.25%
4.25%
Up Front Mortgage Insurance Rate
1.750%
1.000%
Mortgate Insurance Rate
1.250%
1.150%
Tax Rate
1.000%
1.000%
Loan Amount
$392,755
$389,860
Payment 1
$1,932
$1,918
MI Payment
$409
$374
Total Payment
$2,341
$2,291
Taxes Monthly
$333
$333
Insurance Monthly
$100
$100
Other (HOA Dues)
$144
$144
Total Monthly Payment
$2,919
$2,869

In the example above, the monthly payment goes up $50 per month. These changes can be compared as having a net effect of raising the interest rate of the loan by .25%. To buy down the interest rate by .25% to get the payment more in line with the former FHA insurance rates would cost about $8,000 out-of-pocket.
If you are planning to purchase a home using FHA financing, save money by purchasing your new homebefore April 1, 2012 to meet the April 9, 2012 deadline for the change in mortgage insurance premium rates.

*This purchase scenario is used for demonstration purposes only and may not be available at any or all communities.  This information is provided for general awareness only, and is not intended for the purpose of providing legal, accounting, tax advice or consulting of any kind.


With the new FHA Streamline Refinance program – and the recent changes in the FHA PMI rates – we’ve had several people ask, “When Can I Cancel and Get Rid of FHA Mortgage Insurance Premium?”
The good news is that unlike the USDA Loan Program (that also saw recent changes to it’s PMI rates) you actually CAN “get rid of FHA PMI!” :)
You have two types of Mortgage Insurance (PMI) with FHA.  The Upfront fee that is charged can be partially rebated if you refinance or sell within 5 year of getting the home.  The “Monthly” charge is what you can stop paying.  This charge is “technically” called FHA MIP (mortgage insurance premium) but since it’s just kinda symantics – we refer to it all as FHA PMI.

FHA differentiates between a 30 year and 15 year fixed loan as to  when you can cancel your FHA PMI :
  • 30 Year Loan Term – must pay the monthly insurance premium for a minimum of 60 months (5 years) and the loan must reach 78% loan-to-value (LTV) as a result of paying the loan down (amortization).  LTV is not determined by the new home value, it’s determined by the original sales price of the home.  LAYMAN’S TERMS:  If your original sales price was $100,000 – multiply that by 78%.  You need to get your mortgage balance down to $78,000 before FHA will allow you to drop the PMI.
  • 15 Year Loan Term – there is NO requirement that MIP be paid for 60 months but the LTV must be 78%.  LTV is based on paying the loan balance down, you calculate this the same way you do for a 30 year mortgage.  Remember, this is NOT based upon the current appraised value or the current tax value of the house.
How Can I Determine When I Will Reach 78% LTV?
There is no set number of months it will take because it varies slightly based on the interest rate and size of the down payment. If you use Excel – you can easily find an amortization program that will tell you when your mortgage will be at the “sweet spot!”  For a 30 year mortgage with 3.5% down, it will take between 9-10 years to get down to 78% LTV.
A 15 year fixed mortgage will pay down to 78% LTV between 2-2.5 years.  Remember, FHA does not require 15 year loans to keep the annual MIP for a minimum of 60 months.
How to Remove or Cancel FHA PMI Quicker
It is possible to eliminate or get rid of the FHA mortgage insurance premium quicker if you make extra payments to the principle, but only after 60 months has passed (assuming you have a 30 year loan).  FHA goes off the scheduled amortization schedule to determine when you will reach 78% LTV up until 60 months.
Refinance -If you you think you have 20% equity in your home but don’t meet the 60 months or 78% LTV based on the original purchase price or appraisal criteria, it may be possible to refinance into a conventional loan.  If you don’t have 20% equity, and have VA loan eligibility, you could refinance into a VA loan.  A VA loan requires no monthly mortgage insurance and we can go up to 100% LTV on a VA refinance.
Can I Cancel FHA PMI if My Home Upside Down in Value?
It might not seem logical – but if you’ve been in your home for 5 years… and you’ve paid it down based upon the ORIGINAL sales price to the 78% mark, you can cancel the FHA PMI you are charged on a monthly basis… even  if you’re home is upside down in value.
How Do I Cancel My FHA PMI?
This is the easy part….FHA automagically drops the monthly FHA PMI based on the amortization schedule.  You don’t have to order an appraisal and technically, you don’t even have to request the removal.  However, if we suggest contacting your servicing bank to make sure they are aware of  your projected date for your PMI removal!


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Joel Lobb
Senior  Loan Officer
(NMLS#57916)

American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223

 phone: (502) 905-3708
 Fax:     (502) 327-9119

 Company ID #1364 | MB73346

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