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If you refinance your home into FHA loan and have 20% equity do you still need monthly mortgage insurance?
Posted on June 27th, 2010 5 comments
Sherry asked:
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