FHA risk bas

[a72ndpa]

Why would I be paying FHA MIP on a convential loan but be told that I don't qualify for any goverment mortgage help?? I'm confused. Any advice would be appreciated.....thanks....Jim

[dsemler]

First there is no way that you are paying FHA's MIP and have a conventional loan. You either have an FHA loan or you do not. Conventional loans have a monthly PMI payment (Private Mortgage Insurance).

Not sure of what help you are trying to get so not sure how to answer.

Ask you lender whether your loan is an FHA loan or Conventional first.

[Joe Wallace]

Too true--MIP isn't PIP...but i can see how it would be easy to get the two confused on a basic level...too many acronyms!

I keep reading bad info on FHA MIP cancellations, so just as an FYI--If you have a mortgage with terms 15 year or longer, the annual MIP is canceled when the LTV reaches 78% (of the original value of the loan) if you paid the annual MIP for at least five years...FHA mortgages less than 15 years, MIP gets cancelled when the LTV reaches 78% period.

[Joe Wallace]

Oh, while I'm thinking of it...if you were told you didn't qualify for government mortgage help there may be a few factors involved. If you were trying to get refinancing but only qualified for a restructured loan or forbearance, it could be because of delinquency or default on the mortgage. If your loan officer didn't explain things clearly enough I can see how you might get the impression you didn't qualify for ANY assistance.