Change means FHA loans need lifelong mortgage insurance

05/6/2013 | Signal (Santa Clarita Valley, Calif.), The

Starting on June 3, people who purchase homes with loans backed by the Federal Housing Administration must buy mortgage insurance for the life of the loan. The change means buyers cannot drop the insurance once the balance goes down to 78% of the value of the home.

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Signal (Santa Clarita Valley, Calif.), The

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