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Started By
Message
PMI question
Posted on 8/2/18 at 10:50 pm
Posted on 8/2/18 at 10:50 pm
So I built our house in ‘15 and did an FHA loan and put down like 10% down appraised at 307. Our neighborhood has built up and all lots have been sold and most have been built or are in the process. We got a 3.75 rate and we’ll be under 260 payoff.
Similar house just sold for 330 which puts out LTV at about 79/78 %.
Since I have to have PMI for rest of loan, is my only option to refinance to a Conventional loan and do I need 20% down?
PMI is such a waste, I want to get rid of it, 200 off my note.
Similar house just sold for 330 which puts out LTV at about 79/78 %.
Since I have to have PMI for rest of loan, is my only option to refinance to a Conventional loan and do I need 20% down?
PMI is such a waste, I want to get rid of it, 200 off my note.
5
Posted on 8/2/18 at 11:08 pm to Tigeralltheway
quote:
is my only option to refinance to a Conventional loan and do I need 20% down?
You would need to refi out of FHA. And ideally would need to be at 80% LTV.
You can also prepay PMI one time on a conventional if you have exceptional credit. I just did it. $2300 at closing on a 86% LTV refi. No PMI for the life of the loan.
Posted on 8/3/18 at 8:39 am to Tigeralltheway
quote:
Since I have to have PMI for rest of loan,
We refied out of my wife's FHA.
But the above is incorrect. You can request pmi removal when you pay loan down to 80% of original appraisal amount. And they have to remove it at 78%
You just can't use a new appraisal.
This was two+ years ago, but I don't it has changed.
Posted on 8/3/18 at 9:00 am to McLemore
Some FHA loans require PMI for life of the loan.
Posted on 8/3/18 at 9:02 am to Tigeralltheway
quote:
So I built our house in ‘15 and did an FHA loan and put down like 10% down appraised at 307.
If you put down 10% or more down on an FHA loan in 2015 you do not have PMI for the life of the loan. It automatically drops after 11 years.
Posted on 8/3/18 at 9:05 am to Tigeralltheway
Posted on 8/3/18 at 9:23 am to ItzMe1972
quote:
Some FHA loans require PMI for life of the loan
Well that sucks. And actually now that I'm thinking about it, I think my wife's may have required a paydown to more like 68%.
Seems like this would be more uniform under a program like FHA.
Posted on 8/3/18 at 9:39 am to McLemore
quote:
Well that sucks. And actually now that I'm thinking about it, I think my wife's may have required a paydown to more like 68%.
Seems like this would be more uniform under a program like FHA.
Guidelines changed in 2013 which sounds like is when your wife's loan fell before. You could drop at 78% on loans made before 2013 not the case in 2013 and beyond.
Posted on 8/3/18 at 1:05 pm to HYDRebs
quote:
Guidelines changed in 2013 which sounds like is when your wife's loan fell before. You could drop at 78% on loans made before 2013 not the case in 2013 and beyond.
Gotcha. We did a killer refi--2.9% 15year fixed. It's nice paying more principal than interest relatively early in the amort.
Posted on 8/3/18 at 1:52 pm to McLemore
quote:
But the above is incorrect. You can request pmi removal when you pay loan down to 80% of original appraisal amount. And they have to remove it at 78%
Not on FHA loans after 2013. PMI is for the life of the loan.
Posted on 8/3/18 at 3:14 pm to Golfer
So what is fixed to this? Do I refi and risk higher interest rate? Our credit is way healthier then in ‘15. Mid 700’s to mid 600’s in ‘15
Posted on 8/3/18 at 3:39 pm to Golfer
quote:
Not on FHA loans after 2013. PMI is for the life of the loan.
This is correct. Must refinance if you want to have no PMI. Mine was before 2013 and it was still very difficult to get it removed even though I met all of the qualifications. They make it that way.
Posted on 8/4/18 at 6:59 pm to Tigeralltheway
Look for a small local bank that holds their own mortgages. I found an amazing mortgage that way.
Posted on 8/5/18 at 2:31 pm to statman34
We got our FHA loan in 2012. We still have 82% left to pay but it’s been over 5 years since we got the loan. I emailed Chase last week to see about having our PMI removed. I was expecting a rejection but mainly wanted to know a more exact number we needed to pay down before it was removed. To my surprise they removed it. I’m not sure why they removed it but I’m glad they did.
Posted on 8/6/18 at 7:06 am to B4YOU
quote:
Look for a small local bank that holds their own mortgages. I found an amazing mortgage that way.
this, try to find a local broker. screw the big banks such as wells fargo and the rest. they will not disclose its a FHA loan unless you ask. I was having trouble getting PMI removed from a loan with them and they kept on telling me the loan backer required PMI. once i finally got the right person on the phone, the loan backer ended up being a federal program fannie mae or one of those. I did eventually get it removed but it was alot of trouble.
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