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After 3 Years (!!) of rebuilding our credits with the help of these forums and saving our $ we have finally gotten pre-approved, picked a house, made an offer, got accepted and are in day 10 of escrow. Potentially closing on May 7th!! All of it feels super surreal and nerve racking!
Now comes the fun part, negotating repairs. We are doing an FHA loan for 3.375 % with only 3.5 % down and want to know when can we get out of PMI?
Is it LTV 80%? Or is it life of the loan, that we will have to refi out of it?
Also, will we EVER get a rate that low again? I mean we will save money getting rid of PMI cause that's a large chunk of change.
Thanks for your help in advance!
Rate seems very low for an FHA congrats. PMI is for the life of the loan. Good luck
@QueenBeeOC wrote:After 3 Years (!!) of rebuilding our credits with the help of these forums and saving our $ we have finally gotten pre-approved, picked a house, made an offer, got accepted and are in day 10 of escrow. Potentially closing on May 7th!! All of it feels super surreal and nerve racking!
Now comes the fun part, negotating repairs. We are doing an FHA loan for 3.375 % with only 3.5 % down and want to know when can we get out of PMI?
Is it LTV 80%? Or is it life of the loan, that we will have to refi out of it?
Also, will we EVER get a rate that low again? I mean we will save money getting rid of PMI cause that's a large chunk of change.
Thanks for your help in advance!
Life of loan. 3.375% is an excellent interest rate.
If you were to put down 10% on a FHA loan rather than 3.5% then you could cancel the MI after 11 years. Otherwise you will have to refi to get out of it
I was shocked when I saw that low of a rate!
now, to refi out of the FHA loan, do we have to be at a certain LTV?
@QueenBeeOC wrote:I was shocked when I saw that low of a rate!
now, to refi out of the FHA loan, do we have to be at a certain LTV?
to refi out and into conventional you would just need to be at 95% after an closing coasts are added to the loan amount