FHA Home Mortgage Loan Interest Rates

3 Responses to “does fha mortgage insurance cover your mortgage if you cant make a payment?”

1. jlf says:

   January 1, 2010 at 10:36 am

   No. It insures the lender against the borrower defaulting on the loan. It does nothing to benefit the borrower.
2. mbrcatz says:

   January 1, 2010 at 10:55 am

   No.

   PMI covers the bank, AFTER your house is foreclosed on, and sold to someone else.

   You need to set up your OWN rainy day fund – called a savings account.
3. Carol says:

   January 1, 2010 at 11:07 am

   No, Ryan, not at all.

   FHA mortgage insurance is for the lender. Should you default on your mortgage, FHA will cover the lender for the default. But it’s not for just a payment or two. The insurance is for the entire mortgage balance.

   If you want “mortgage protection” insurance, the borrower must buy that on their own.

   Excellent luck.

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