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Update on FHA Mortgage Insurance

Borrowers used to have the option of dropping the mortgage insurance on FHA loans with at least 22% equity.

As of June 3, 2013, most FHA mortgages now require mortgage insurance for the full term of the loan. HUD informed all lenders offering FHA loans that automatic cancellation of insurance premiums will be rescinded and that any FHA loan higher than 90% of value at origination will be required to maintain the mortgage insurance for the life of the loan. For FHA mortgages originated at less than 90% of value, the insurance remains in place for 11 years.

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