Re: Evaluating Convention
al vs. FHA (VA & USDA)
04-15-2011 09:48 AM
"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?!?!?!?