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Can i refi into conventional and remove pmi before i hit 80% ltv on fha?

by art.winter8764610 from Burlington, Pennsylvania. Nov 4th 2014 Reply

William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,369 contributions

You can refinance anytime you wish.. if you don't have 20% equity, you will pay MI on the new loan, however with conventional financing, once you pay for 2 years, and once you hit 20% equity, you can ask the lender to remove the MI and you wont have to refinance to do it.. with FHA, if your loan was initiated prior to June 3, 2013, then your MI will drop once you have paid for at least 5 years, and once your loan has been paid down 22% from where it started.. if it was initiated after June 3rd, 2013, then your MI is most likely there for the life of the loan and the only way to remove it would be to refinance out of it.. 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

Nov 4th 2014
Vincent Craven (vcraven)
#36 ranked lender in Pennsylvania - 4 contributions

Please give me a call to discuss your refinance options. Aimee@MonumentMortgage.net484-557-4315 or 610-695-9290

Nov 5th 2014
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