Sherry asked:
With 30 year FHA loans the monthly MI is in place for the life of the loan.
With 30 year FHA loans the monthly MI is in place for the life of the loan.
Kind regards,
Geoff Johnston
Mortgage Relief Specialist
GovernmentRefinanceAssistance.com
480.219.0585 (direct)
760.888.8293 (fax)
After finding the governmentrefinanceassistance.com web site I ask this question of refinancing into an FHA loan with LTV being less than 80% would monthly mortgage insurance still be required and the answer is (yes with a 30 year loan) I wouldn’t have believed it if I hadn’t heard it from a government web site! Any thoughts?
Thanks, Sherry
The reason we went FHA is the processor told me her scores were to low to do conventional cash out refinance.
Shawn
Terry
Typically, no. PMI usually is not required if you have equity at 20% or higher. The problem is that right now the value of your home may not be what you think it is. Lenders and appraisers are being a lot more conservative. Good luck to you.
Alice
No
Edgar
given the equity in your home is at 20% then yes you can re fi your loan. However, you may not need to pay the costs of the re fi by just going to the note holder and drop the mortgage ins.
Brent
With FHA, YES.
FHA requires PMI for the first 5 years on EVERY loan….that is what makes it different from other loan programs.
However, my question for you is: If you have 20% down, then why are you going FHA at all?
Kim
FHA always requires PMI even at 80% LTV, but its not a bad price to pay to get interest rates in the low 5s with cash out and lower credit scores.