FHA refi

[Anonymous]

I currently have a FHA loan through BOA. I was wondering if after a year of having the loan could I refi it to get rid of the PMI and possibly a better rate?

[DallasLoanGuy]

you can refi. 

you will need an appraisal unless you want to pay the closing costs out of pocket.

unless you have 20% equity, you will have pmi. and you have pmi for minimum 5yrs on fha regardless of dti

[Anonymous]

What happens to your pmi and escrow  if you Streamline refi your home with the same lender?  Interest rate drop from 7.89% to 5%. In the home for 8yrs.

[DallasLoanGuy]

same lender may be able to transfer your escrow over to new loan. 

you will have pmi on the new loan for minimum of 5yrs per fha