Hello all,
Been a while since I last posted on this site. Mostly due to the fact that I was sucessfull at closing on my first house back in february.
I got lucky and bought a foreclosure that last sold in 06 for 330k for 220k. It needed a bit of work but after finishing it up the last 6 months the house is great. This now leads me to my question.
The house appraised by Fha or whoever for 245k prior to fixing it up. The house would easily appraise now for 270 now that it is complete. I dont have my loan docs available right now to review but I am curious if it is at all possible to get rid of PMI w/ the equity of the house.
I have tried to do a bit of research and what I have found so far is that I can either wait 5 years then ask for it to be removed by the loan holder or wait 1 year from closing and refi conventional. I am hesitant about refinancing as I got a 5.5 rate 30 year fixed and depending on how that looks come next year that could be alot worse not to mention closing costs.
Am I looking over anything here or are those pretty much my only options.
