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Jul 13, 2017
10:15
:23
am
rggee
All-American
Just noticed you have an FHA loan....I don't think you can eliminate PMI at 20%
on an FHA loan...need to refinance to a conventional loan, I believe.
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rggee
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RGGeemer
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rggee
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Messages
Author
Time
Anyone have experience eliminating PMI based on appreciation rather than payoff?
CaliWG
7/13/17 10:08am
Don't you just need an appraisal? If it comes in at 20%, you're good.
rggee
7/13/17 10:10am
Doesn't matter how you get to 80%LTV, appreciation is most common.
BYUFBDAD
7/13/17 10:12am
Not true with FHA, especially under (not so) new rules.
fbguru
7/13/17 10:18am
Missed the FHA part. Back to the CB pros on this...
BYUFBDAD
7/13/17 10:25am
Just noticed you have an FHA loan....I don't think you can eliminate PMI at 20%
rggee
7/13/17 10:15am
Depends on when he took out the loan.
cougsrule
7/13/17 10:18am
18 months ago
rggee
7/13/17 10:18am
FHA always will have MI then.
cougsrule
7/13/17 12:07pm
Unless it's changed, you can't do that with an FHA loan. They value on the
Skeptical Optimist
7/13/17 10:15am
FHA loan obtained last year, you probably need to refinance to get rid of PMI.
fbguru
7/13/17 10:17am
This is correct. If you did the loan after June 2013, have a 30 yr loan, and had
Pick-Six Coug
7/13/17 11:31am
FHA has different rules
camp_chef
7/13/17 10:18am
That 5 years and 78% is outdated, it's almost impossible without refinancing
fbguru
7/13/17 10:20am
it is completely impossible. FHA has life of loan MI now.
Dbl Nickel
7/13/17 10:23am
True, unless original down payment was over 10%.
fbguru
7/13/17 10:25am
Ya, then it's for 11 years
TonyStark
7/13/17 11:04am
But you can refinance to a conventional loan, right?
rggee
7/13/17 10:25am
Yep, that's the only way on an FHA loan taken out after June 2013.
fbguru
7/13/17 10:26am
This is 100% wrong.
TonyStark
7/13/17 11:03am
FHA loans never remove the MI. You will need to refinance out of the FHA loan.
Dbl Nickel
7/13/17 10:20am
Regarding your last line- or sift through the boardmails you are sure to receive
fbguru
7/13/17 10:23am
That's why I bought down the rate as low as I could because I knew that
byubyu
7/13/17 10:42am
Was the loan a 30 yrs loan, 10% down or less, and opened after June 2013?
Pick-Six Coug
7/13/17 11:35am
Yes, we bought our house in CA with 5% down
JOPE
7/13/17 11:45am
That's what we're saying. You didn't eliminate PMI on the loan, you refinanced
Pick-Six Coug
7/13/17 11:52am
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