NLIC.org

Kurt Said:

Do you have to get mortgage insurance if you get an FHA loan?

We Answered:

YES - FHA REQUIRES MORTGAGE INSURANCE ON ALL LOANS NOW. NOT JUST A MONTHLY PREMIUM (WHICH IS .55% OF THE LOAN AMOUNT) BUT ALSO A PREIUM OF 1.50% OF THE LOAN AMOUNT, WHICH IS ADDED TO THE LOAN AMOUNT. SAY YOU ARE BORROWING 200,000, THEN YOU MORTGAGE INSURANCE PREMIUM ADDED TO THE 200,000 WOULD BE $3,OOO, PLUS A MONTHLY PREIUM OF $100.00, WHICH IS ADDED TO YOUR PAYMENT. THIS WILL REMAIN ON YOUR MONTHLY PREIUM FOR A MINIMUM OF 5 YEARS.

Lewis Said:

Need Home Owners Insurance in order to secure Mortgage loan in Brooklyn - Heeeelp!?

We Answered:

NY Fair Plan.

Or, rather than calling insurance companies directly, contact a few local INDEPENDENT agents that represent a variety of carriers. www.iiaa.org will give you a list of agents by zip code.

And yes, you WILL have a hard time, with a coastal property.