@DallasLoanGuy wrote:
@ezdriver wrote:
@DallasLoanGuy wrote:
you will have pmi for a minimum of 5yrs
it also remains until you amortize down to 78% ltv
AFTER the 5yrs you can petition to get it remnoved with a new appraisal.
in this case. i would refi in 1yr to conventional.
Hmmm ... my understanding is that FHA'a monthly PMI continues for the life of the loan. Why the 5 ys in your post?
Also, can you really still petition FHA to have the PMI dropped when the value of the property has risen to the point where the LTV is 78% or less? I thought that you can no long do that.
Please clarify for us.
brain fart
yes, life of the loan if you put down minimum
≤ 15 yrs ≤ 78 11 years
≤ 15 yrs > 90.00 LTV Loan term
> 15 yrs ≤ 78 11 years
> 15 yrs > 90.00 yrs Loan term
Ha ha ... wait 'til you're old like me and you'll see how often those happen!
I financed with 10% down and an FHA 30-yr fixed. Concentrating on paying down my principal as rapidly as I can with the intent of refinancing with a conventional loan when I get to LTV of less than 75%. I pay about $250/month PMI now. While I can afford it, I'd rather be saving that money.
