A disadvantage of having an FHA loan is that the FHA insurance is not automatically cancelled when you reach 22% equity. However, you may be eligible for partial FHA insurance refund. Check with a HUD approved counselor if you are...
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A disadvantage of having an FHA loan is that the FHA insurance is not automatically cancelled when you reach 22% equity. However, you may be eligible for partial FHA insurance refund. Check with a HUD approved counselor if you are eligible for an FHA insurance refund in your circumstances. Another disadvantage of FHA loans is that FHA rates will be a little higher than conventional mortgage rates, as they are lender set and are not established by the government. However, that is normal, as FHA strives to be alternative to sub-prime loans, which do come with higher rates than prime loans. Recommended helpful present and future homeowners links: Why: Get better interest rates. See how lenders see your FICO score. Link: Start FICO® Quarterly Monitoring Why: Prevent Foreclosure. Most homes can be saved. Free Advice. Link: Get help and learn more about your options Why: Refinance to a fixed rate loan while mortgage rates are still low. Link: LendingTree Mortgage Refinance Why: Because FHA loans are insured by the US Federal Government they have very competitive interest rates and are easier to qualify. Link: Can I get an FHA Loan? LendingTree.com
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