Archive for the 'fha pmi' Category
I have read PMI occurs when less than 20% is put down on a house.
If you are doing a FHA loan, where the down payment requirement is only 3-3.5%, is PMI still a factor?
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I have an FHA loan that I have had for 5 years now. My understanding when I took out the loan was that 5 years must elapse before the PMI can be dropped. The appraised value of my home is apx. $230k. I owe $155k on the loan and $35k on a Home Equity loan. Do I qualify to drop the PMI?
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If so, can the upfront PMI be rolled into the mortgage?
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I have a 15 year FHA loan that origninated June 2 2008. I had a 10% downpayment and had upfront PMI tacked on to the loan. I would now like to refinance to a 30 year conventional loan with 20% down. Will a percentage of my current PMI be removed or have the laws changed?
