Established Contributor
Posts: 932
Registered: ‎08-17-2007
Re: Evaluating Conventional vs. FHA (VA & USDA)

If the sales price was also $200k in your example, then your assumption is correct. 

 

Ok, now I'm confused again (not suprising to people who know me!!)......not sure if I understand what you're saying about sales price.  And I am unfortunately not really all that close to this being a reality, but I like  to have my ducks in a row!

 

When I re-fied March '09,  loan amount was $178K with appraisal amount of $192K.  Based on my understanding of your advices, when my loan is down to just under $150K (78% x $192K), and as long as 5 yrs have passed since loan originated,  the MI should be eliminated?

 

 

FICOS: TU 720(05-15-15) EQ '08 736( 05-17-15) EX 712 (05-15-15)