Valued Contributor
mauve
Posts: 2,487
Registered: ‎02-18-2010
Re: just need "clarification"

FHA will charge you PMI until it has both been 5 years and you've paid the balance down to 78% of the value.  For my house, it is 78% of the purchase price - my appraisal was about 20k more than the purchase price and my loan was for another 9k on top of that, so I've got a long way to go to get out of my FHA PMI.  (The reason the values are all so different is because I have an FHA rehab loan.) 

 

In short, when the balance of your mortgage is at 78% of your purchase price or your appraisal value, whichever is smaller, you can stop paying PMI. 

 


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


Take the myFICO Fitness Challenge