Can a Bank Require Mortgage Insurance on a VA Mortgage?

Answer Private mortgage insurance is a type of insurance product that most homeowners are forced to purchase in order to protect their lender. This insurance coverage is required in case the borrower goes... Read More »

Top Q&A For: Can a Bank Require Mortgage Insurance on a VA M...

Does private mortgage insurance vary from bank to bank?

The amount a borrower will have to pay for private mortgage insurance varies from bank to bank. Most often, the amount of the payment is between 0.5 percent and 1 percent of the total amount of the... Read More »

Does FHA require home inspections to get a mortgage?

The Federal Housing Authority (FHA) does not require a home inspection in order to secure a loan. The FHA does, however, require an appraisal. This is to ensure the home is worth enough compared to... Read More »

Do lenders require an appraisal to review a mortgage loan?

Appraisals are almost always a requirement before a lender will approve a mortgage loan. There are some programs, however, where the lender will approve a refinance loan without an appraisal or in... Read More »

Do all mortgage companies require you to sign an IRS form 4056T?

Since the major servicers (Fannie Mae, Freddie Mac, HUD) require a signed 4506-T when tax returns are used to support the income--mainly for self-employed and commissioned borrowers--the mortgage c... Read More »