My Account
Report problem with this ad
Start a related thread
Start a related poll
Reply via Boardmail
Jul 13, 2017
12:07
:59
pm
cougsrule
All-American
FHA always will have MI then.
Start a related thread
Start a related poll
Reply via Boardmail
Report problem with this ad
cougsrule
Bio page
cougsrule
Joined
Apr 9, 2009
Last login
May 19, 2024
Total posts
6,409 (26 FO)
Report problem with this ad
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That 5 years and 78% is outdated, it's almost impossible without refinancing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
Report problem with this ad
Posting on CougarBoard
In order to post, you will need to either
sign up
or
log in
.
Report problem with this ad