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I have a FHA loan currently. Its been almost 17 months. I was told that i can switch to a conventional loan and will not pay PMI

by Riazshah_isb172 from Tempe, Arizona. 28 days ago Reply


Need to apply with another lender to refinance it. James Legacy Lending USA TEMPE, Az(480) 299-1846

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

It's possible.. but we would need to look at your complete loan profile to advise you.. In order to remove the MI.. you must have 20% equity or more.. with property value's jumping like they have here in the valley, it's quite possible you are there.. however, even if you are not.. with conventional, the MI is drastically reduced if you are between 80.01% to 85% LTV... and there are other options where you can pay a small one time upfront premium and not have any MI on the payment.. again, I would need to analyze your complete loan scenario to advise you property.. If you would like, just pick up the phone and reach out to me.. i'm here locally and I'd be happy to put together a written quote.. no pressure, no hassles.. i promise.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

27 days ago
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,717 contributions

Maybe... It is all about your current loan-to-value. If you believe any new loan would be less than 80% of any new appraisal on the house, you may be able to do that and drop PMI. But it is even more than that, understand you'll need to pay closing costs all over again, and interest rates today are higher than they were 17 months ago - So a good analysis of your situation with your local mortgage broker is a good idea. For loans in MN, WI, and SD, visit me at www.MortgagesUnlimited.biz

27 days ago
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Yes you can. Just go here www.arizonahouseloans.com and fill out the application and I will be more than happy to assist you

16 days ago
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