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re: My renting/owning situation

Posted on 4/10/13 at 12:46 pm to
Posted by Chaplain
8,000,000 posts
Member since Nov 2009
1147 posts
Posted on 4/10/13 at 12:46 pm to
are the FHA rules not changing? I thought I read somewhere that PMI will now be over the life of the mortgage. or am I making that up?
Posted by baytiger
Boston
Member since Dec 2007
46978 posts
Posted on 4/10/13 at 12:47 pm to
I have no idea. I've just been mortgage shopping and this is what the lender told me.

She also told me that it's possible to have a less-than-20% down payment, and then pay for 12 months, and get your house re-appraised. If you owe less than 80% of the value of the re-appraisal, it's possible to drop the PMI entirely.
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