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FHA - PMI
Posted on 3/18/13 at 11:14 am
Posted on 3/18/13 at 11:14 am
So from my understanding if you have an FHA loan you can't knock PMI off for five years even if you reach the % threshold. My question is does the 5 years start over if you re-fi your house or is it still 5 years for the date of purchase?
2
Posted on 3/18/13 at 11:36 am to RandySavage
Are you doing an FHA refinance? If you refinance conventional and you are under 80% LTV then the FHA MIP simply goes away because there is no FHA loan in place anymore.
Posted on 3/18/13 at 11:49 am to RandySavage
gotta thank uncle sam, but FHA is changing April 1st, PMI insurance will now be for the life of the loan but from I understand as principal drops so will your PMI, waiting to confirm from lenders
Posted on 3/18/13 at 12:11 pm to VABuckeye
quote:
Are you doing an FHA refinance? If you refinance conventional and you are under 80% LTV then the FHA MIP simply goes away because there is no FHA loan in place anymore.
This.
Although I've never had an FHA loan, I've twice refinanced my way out of PMI only two years into the mortgage just by the appreciation in the market bringing my equity up over 20%.
Posted on 3/18/13 at 1:51 pm to lsu tigerdog
quote:
gotta thank uncle sam, but FHA is changing April 1st, PMI insurance will now be for the life of the loan but from I understand as principal drops so will your PMI, waiting to confirm from lenders
People who bought before April 1st are exempt from this though correct?
Also, how much do you have to put down to qualify for a conventional?
Posted on 3/18/13 at 8:58 pm to RandySavage
before 4/1, you're good to go on the pmi guideline,
for a conventional loan, min 3% to 5% down.to get the lowest bank rate need min 740 score and above, the bank side works off a tier system, {down payment & credit score determines your rate}. you can go as low as 680 but pmi will be much higher and so will your interest rate
for a conventional loan, min 3% to 5% down.to get the lowest bank rate need min 740 score and above, the bank side works off a tier system, {down payment & credit score determines your rate}. you can go as low as 680 but pmi will be much higher and so will your interest rate
Posted on 3/19/13 at 7:00 am to lsu tigerdog
Do you have to be rid of PMI before 4/1 or just have bought your house by that date?
Posted on 3/19/13 at 7:04 am to RandySavage
My understanding is you need to close before 4/1.
Posted on 3/19/13 at 7:18 am to RandySavage
quote:
Do you have to be rid of PMI before 4/1 or just have bought your house by that date?
You need an FHA case number by 4/1.
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