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

"If you are talking about removing MI from an FHA loan that you refinanced into, then it is based off of the appraised value"


Shane, bear with me here, please!  I hate to be so dense!


I bought my house in Oct 2007, NOT an FHA loan.  Appraisal was $191K with loan am't of $173K.


Re-fied March '09  INTO an  FHA loan, $192K appraisal and loan am't of $178K (rolled costs in and probably paid too much closing I now realize, but that's another story)


If I understand the above correctly, then the MI is based on the $192K and not the am't of the loan???   I've been under the impression it would be based onthe original sales price regardless, so if I understand what you're saying, it's really good news?!?!?!?



FICOS: TU 732(7-18-14) EQ '08 734( 7-23-14) EX 727 (7-23-14)