New Bill introduced to allow borrowers to stop paying FHA Mortgage Insurance

The new bill is designed to allow borrowers to stop paying Federal Housing Administration (FHA) mortgage insurance premiums (MIP) once they have built up a certain amount of equity in their home.

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[alisonparker]

Have bought 5 properties, sold 1 this year. Real estate investor from Brooklyn, NY!

[NYCAppl]

New homeowner here (for one year). I applied for an FHA streamline refi a few months ago, and due to some poor advice from a lender, I've been screwed over. I worked really, really hard to purchase my first home. This financial hit is scary 😢

P.S. I'm going to share this video with my nephew. He told me a few weeks ago that he wants to get into real estate. I told him that he should find a mentor or an established group to learn from. Thanks for creating opportunities for young entrepreneurs ❤

[Lovingmylife]

This video and that bill is right on time. I literally was reviewing my escrow statements this morning and my FHA insurance has gone down around 12.00 a year since 2022. I will definitely keep watching. Hopefully, it goes away completely. Thanks for sharing.

[christinajones]

Home owner since 2018. I am trying to buy another property through the bank MG! I live in Ohio and the houses are cheap. I would like to get four units and live in one for a year and then rent out that unit as well. Pray for me!

[kellibelle]

Realtor, investor, property manager, basically I have my hand in everything dealing with real estate 20 years strong! Servicing Ohio!

[bmurphy]

The whole home buyers formula needs to be revised, shouldn’t take 30 years to pay for a home. The 1st 10 to 15 years is mostly interest payments.

[BlackHeather]

This would be a blessing for my house… you should get the money you paid since you built the 40% equity back too‼️

[alienwareproduction]

I had called my mortgage company earlier before I saw this video because I saw a video on IG saying you can remove the PMI. Why do they get so defensive once I mentioned PMI cancellation lol. It makes no sense. However, the video on IG was misleading because I can’t remove the PMI like you mentioned in this video. Thanks

[atlygroup]

I hope they retro it. I was baited into doing an FHA loan when I didn't have to by a so called home buyers education center. Could have gotten through a traditional credit union and not even had to put down as much as I did. Wonder if I can sue??? Lol

[natanyagaston]

PMI= legal hustle (it should be a crime)

[GraceKomora-qlqh]

❤love your info just got my first home yeah in Cleveland, Ohio

[nyqt]

I was at 4.25% interest rate paying PMI then I refinanced at 2.875% made a big difference on the amount gets applied to the principle.

[mumjarra]

My That's wonderful news indeed. Happy Holidays to you Mr . MG

[GraceKomora-qlqh]

Can u please advise a first time buyer what to do after you get your first home ?😊

[ablkberri]

When you look at the loan you are paying more than the loan you agreed to that should be a crime
Or more revamped loan options that make sense for ppl idk

[_Heart_at_a_TimeU]

What if you've already done a FHA, can dp assistance help?

[inx]

A Bill ** To amend the National Housing Act to restrict the collection
of annual mortgage insurance premiums when a 78 per-
cent loan-to value ratio is reached, and for other pur-
poses. Looks like it will be retroactive, fingers crossed.

[yvonnewilson]

Do you give down payment assistance in other states.

[ulysessjr.]

Would this be for every fha mortgage or just the new home owners?

[DeanLive]

Property values have rissen considerably. I have requested a removal of the mip, the lender is requiring bpo, which is fine, although they want to use their people, which makes feel that their bpo won't be honest. This Property was purchased six years ago, any advice?