Mortgage insurance is a protecton that guards lenders in case of applicant default. Mortgage insurance is usually required on mortgages with a down payment that’s 20 percent or less.
Plainly stated, FHA MI is required for all FHA loan programs including FHA purchase loans, FHA refinance loans and FHA Streamline refinance loans. FHA guidelines for it’s insurance programs are what lenders use to determine if applicants are eligible for a loan. These requirements are usually less demanding than other, non-insured mortgage programs. Read More