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 »

Does a mortgage require that a house continue to be occupied?

Misrepresenting the occupancy of a home by stating you will live in the home when you do not intend to is considered mortgage fraud by the federal government. However, it is acceptable if you live ... 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 »