The epitome of the American Dream is homeownership. Government backed loans like FHA are the deciding factor for many to be able to get into a home, accomodating those with lower credit scores and down payments. Unlike conventional loans the PMI is not removed when an 80 % LTV is reached on FHA loans without refinacing and risk losing a good interest rate. Changing this, allowing the PMI to be removed at the 80% LTV mark will enable many who are struggling to enjoy some relief of a lower mortgage payment, perhaps add to their savings, save for a family vacation, afford improvements or repairs on their home or buy more groceries.
Related Topics
| Policy | Replies | Views | Activity | |
|---|---|---|---|---|
| Sunset PMI insurance | 0 | 12 | October 11, 2024 | |
| End mandatory mortgage insurance | 5 | 15 | November 12, 2024 | |
| Automatic PMI Mortgage Removal | 1 | 21 | November 30, 2024 | |
| Encourage Refinancing by Eliminating MIP on FHA backed loans | 0 | 5 | November 12, 2024 | |
| Affordable Housing and Mortgage Relief Act | 1 | 16 | November 16, 2024 |