30 Years of
Mortgage Experience

NMLS# 3700

215-396-8101 or 877-214-9417

30 Years of
Mortgage Experience

NMLS# 3700

215-396-8101 or 877-214-9417

Sunday, June 25, 2017
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Mortgage Applications

 

 

 

Mortgage Applications

 

 

 

Private Mortgage Insurance vs. FHA Mortgage Insurance

Although the insurance protection concept is similar, there are differences between private mortgage insurance and FHA mortgage insurance. FHA insurance is a government-administered mortgage insurance program that does have certain restrictions. FHA has maximum regional loan limits that are lower than those with private mortgage insurance. FHA may be more expensive, take longer to receive approval, and have fewer payment plan options. FHA insurance lasts for the life of the loan, unlike private mortgage insurance which is cancelable in most circumstances. FHA is a good choice for some borrowers with credit history problems that might need special assistance.