Re: Evaluating Convention
al vs. FHA (VA & USDA)
04-15-2011 07:55 AM
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?