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Can Borrowers Still Deduct Their FHA Mortgage Insurance on Their Tax Returns?
As of 2012, borrowers with down payments of less than 20 percent no longer have an important tax break. The Federal Housing Administration, which insures loans made by approved lenders, requires only...
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What Is an Insured Mortgage?
When mortgage borrowers put less than 20 percent down, their lenders often will require mortgage insurance. Mortgage insurance immunizes a mortgage lender against a complete loss in the event a...
View ArticleCan I Deduct Mortgage Insurance on a Second Home?
When your lender requires you to pay home mortgage insurance, you will spend considerably more on your mortgage each year. To compensate for this added cost, the Internal Revenue Service allows...
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How to Define FHA Insured Mortgage
Mortgages insured by the Federal Housing Administration (FHA) are known for having flexible eligibility guidelines, competitive interest rates, and a low down payment requirement. The popularity of...
View ArticleHow to Find Out if You Have Money Due from FHA Mortgage Insurance
Private Mortgage Insurance (PMI) is required for loans backed by the Federal Housing Administration (FHA) when the loan exceeds 80 percent of the home's value. If you put down less than 20 percent on...
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Purpose of Mortgage Insurance
Many loan defaults result from borrowers with poor credit and falling home prices. To protect against losses from loan failures and foreclosures, banks require borrowers to carry mortgage insurance....
View ArticleWhat if I Have a Mortgage & Need to Move?
Mortgages make homeownership possible for a large number of Americans, but using long-term financing to purchase your home can present a number of obstacles if you need to move. Although you still have...
View ArticleCan My Mortgage Insurance Be Rolled Into Closing?
If you purchase a home and put less than 20 percent down, you'll be required to pay for private mortgage insurance. PMI is intended to benefit the lender for giving you a mortgage loan and helps cover...
View ArticleMortgage Insurance Regulations
Mortgage insurance regulations pertain to both conventional and government-insured mortgages. When you buy a home or refinance a loan in excess of 80 percent of the house's fair market value, the...
View ArticleWhat Is a HUD Occupancy Letter?
Federal Housing Administration-insured mortgages can end up in foreclosure like any other property. In some cases, homes bought with such loans are occupied by tenants. As these homes approach...
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Can You Use a Cosigner Instead of Mortgage Insurance?
Minimal money for a down payment, credit problems and income limitations commonly keep otherwise capable borrowers from getting a home loan. Cosigners and mortgage insurance are two methods lenders use...
View ArticleWhen Can I Stop Paying HUD Risk-Based Mortgage Insurance?
Cash-strapped home buyers often turn to the Department of Housing and Urban Development to finance their purchase. HUD, through the Federal Housing Administration (FHA), backs loans made by approved...
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Borrower-Paid Vs. Lender-Paid Mortgage Insurance
Borrowers heavily invested in their home are less likely to default on their mortgage. Lenders require additional protection when borrowers put less than 20 percent down on a home or have less than 20...
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How to Remove Mortgage Insurance After Five Years
Loans where you put less than 20 percent down typically carry mortgage insurance premiums. Lenders require mortgage insurance to protect them against the risk of making a loan on a house with...
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Can I Buy Insurance to Cover My Mortgage If I'm Laid Off?
Your monthly mortgage payment is a major expense that you want to be able to pay always. Losing your job and paycheck because you were laid off could make it very difficult to keep up with the mortgage...
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Do I Have to Carry Mortgage Insurance?
Your bank will normally require mortgage insurance when you want to buy a home, but have little money for a down payment. The insurance reimburses the bank for its losses should you fail to make loan...
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Buying Mortgage Life Insurance From Lender vs. Buying Direct
A mortgage loan is one of the biggest financial commitments most people will ever make. Unfortunately, if you own a home and its mortgage and you suddenly pass away, it could be foreclosed if your...
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Rights of a Wife When on the Home's Deed but Not the Home Insurance or Mortgage
The law typically treats property ownership by married couples with more consideration than when it's entered into by two or more unrelated people. For example, all states allow married couples to be...
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Mortgage Insurance Questions
In addition to monthly mortgage payments and property taxes, homeowners may be required to pay mortgage insurance, both at closing and on a monthly basis. Mortgage insurance protects mortgage lenders...
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What Is Mortgage Insurance Based On?
A mortgage is just one of the mandatory expenses associated with financing a home. The lender that funds the home purchase or refinance transaction must protect its interests with mortgage insurance...
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