Any mortgage loan sold to or securitized by Fannie Mae that requires primary mortgage insurance (or is delivered with primary mortgage insurance even though not required) and has a loan application date on or after October 1, 2014, must be insured under one of the fannie mae-approved forms.

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 · Hi, I am Edward Chung. I passed the PMI-ACP® exam with Proficient in all domains (“Proficient” is the best grade given by PMI indicating the domain knowledge is above the average level).

Mortgage insurance is not a bad thing because it’s the reason FHA loans even exist in the first place. Having mortgage insurance reduces the risk to the lender allowing them to reduce their requirements helping more people to qualify. There are two kinds of premium mortgage insurance you will be required to pay when using an FHA-insured mortgage.

If your current loan requires PMI and a new one would not, and if you also qualify for a lower interest rate, a refinance will probably make sense. For example, let’s say your current loan requires a loan to value ratio of 70% before you can stop paying PMI and your current loan to value ratio is 75%.

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private mortgage insurance ("PMI") and borrower-initiated cancellations for certain mortgages closed on or after July 29, 1999. HPA also requires new notices from a lender to a borrower. I. COVERAGE HPA applies only to residential mortgage transactions where PMI is required and a

Not only will it affect how much you’ll need to borrow, it can also influence: Whether your lender will require you to pay for private mortgage insurance (PMI). Typically, you’ll need PMI if you put down less than 20% of the home’s purchase price.

You’ll be required to carry private mortgage insurance if you don’t have enough cash to make a 20% down payment on a home.. (1.75% of the amount you’re borrowing) that private mortgage insurance, or PMI, does not.

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Mortgage insurance also is typically required on FHA and USDA loans. Mortgage insurance lowers the risk to the lender of making a loan to you, so you can qualify for a loan that you might not otherwise be able to get.