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Can i do a homestyle refi to get rid of mi?

I have an fha loan now and i want to refi to get rid of pmi. On here I'm seeing I'll need to go with fannie mae but the renovation option is catching my interest - the homestyle. Is there a way to refi into a fannie loan using a homestyle refi from fha? by jace782364699 from Macon, Georgia. Oct 14th 2014 Reply


Kim Jones (KimJonesHomeLoans)
#74 ranked lender in Georgia - 21 contributions

Yes! You can refinance in to a renovaion loan from FHA or, if you want to eliminate PMI, refinance in to a renovation loan from Fannie Mae! Only 95% loan to value needed! Call me...678.468.4046

Oct 14th 2014
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Thomas Dasta (lendfm)
#32 ranked lender in Georgia - 41 contributions

Yes you can. 678-571-7433. I'm available anytime.

Oct 15th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

I think your confusing two different loan products.. FHA has the 203K which is a loan where you can include certain costs for rehab. Fannie Mae has the HomeStyle renovation loan which also allows you to include costs for repairs.. If your "After Improvement" value puts you in 80% loan to value or lower, then you will not have to pay MI with the HomeStyle loan, however with FHA, you pay MI regardless of your loan to value. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Oct 15th 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

Yes, you can refi and add improvement costs to the new loan under a HomeStyle loan. The need for PMI will be based on the improved value of your home compared to the loan amount. With this type loan there are ways to eliminate the monthly PMI payment but if the loan is more than 80% of the improved value PMI is required - but there are options to eliminate the monthly payment. I can help, just across the border in SC and I specialize in renovation loans.

Oct 15th 2014
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