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The ability to remove FHA mortgage insurance depends on your loan origination date and size of your down payment. If you got your FHA loan after the year 2000, you might be able to cancel FHA ...
The Homeowners Protection Act of 1998 requires that lenders remove private mortgage insurance when a borrower reaches a 78 percent loan-to-value (LTV) ratio. For example, if the purchase price of ...
In that case, you can request that FHA MIP be canceled once you complete 11 years of mortgage payments on your current loan. Learn more: Getting rid of FHA mortgage insurance premiums (MIP) 4.
At the time of borrowing, the loan proceeds did not have to be reported as income because there was an obligation to repay the lender. Forgiving that obligation makes those loan proceeds income. The lender is usually required to report the amount of the cancelled debt to the borrower and the IRS on a Form 1099-C, Cancellation of Debt. [4]
Conventional wisdom states that when buying a house, the responsible thing to do is to make a good down payment. Not only will you keep your mortgage payments lower, but you also will avoid ...
Mortgage insurance became tax-deductible in 2007 in the US. [3] For some homeowners, the new law made it cheaper to get mortgage insurance than to get a 'piggyback' loan. The MI tax deductibility provision passed in 2006 provides for an itemized deduction for the cost of private mortgage insurance for homeowners earning up to $109,000 annually. [3]
That's particularly true if you sought out an FHA loan, which are structured … Continue reading → The post How to Remove FHA Mortgage Insurance appeared first on SmartAsset Blog.
Having PMI attached to a loan made that loan easier to sell on the Wall Street secondary market as a "whole loan". PMI hedged the risk brought by the high loan-to-value ratio by offering insurance against foreclosure for whoever owned the "whole loan". Although HARP 2.0 allows homeowners with PMI to apply through the Making Home Affordable ...