Refi advice

[Peter1142]

I bought a home this year FHA at 3.75%. The PMI is really hurting at $250/month, never decreasing life of the loan. I should have 10% equity.

Is there any conventional program out there that can help with this PMI without taking it back in interest? (though you can deduct the interest but not the PMI... doesn't make a lot of sense to me.) My scores are between 700-740. Thanks.

[Peter1142]

Looks like they will be extending that PMI deduction. Woohoo. Though I won't be able to claim it if I have to file separately from my wife for her student loans :/

[DallasLoanGuy]

with those scores.... you rate will be higher for conventional.... but pmi should be much lower.

might be worth crunching the numbers.

[Anonymous]

I was in the same situation, although the rate and MI on my FHA were lower... Just closed yesterday on a conventional refi, and even though the rate went up, my overall payment dropped by just over $120/month. It really just came down to prioritizing the out-of-pocket savings over the rate I'm paying...