dropping pmi on fha loan

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 · I would love to refinance but due to the fact that housing prices have gone down so much, much of the 20% down payment we put down is gone, so we’d probably be forced to pay PMI which would negate most if not all of the interest rate savings.

Although we had an FHA loan and it dropped with the appraisal within the first 6 months, rules are constantly changing. If you have an FHA loan ask your lender what the current rules are. If you have a first and second mortgage and together your equity does not meet 20%, lenders are not required to drop the PMI.

Many home buyers are wondering if private mortgage insurance or PMI is still tax deductible in 2018. The good news is that mortgage insurance, also known as, PMI can.

 · Plus, while conventional borrowers can drop PMI once the loan is paid down to 80 percent of the purchase price, FHA mortgage insurance is permanent in most cases.

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PMI is different in that it should be far less costly than the FHA MI you have been paying and-most important-you CAN drop PMI once you can show that the present value of your property gives you an 80% loan to value ratio.

The annual mortgage insurance premium will drop to 0.85% from its current 1.35%. If you are currently under contract with FHA financing in process, or if you are in the process of refinancing your.

When can I remove private mortgage insurance (PMI) from my loan?. There are other important criteria you must meet if you want to cancel PMI on your loan:. (VA) loan, the HPA does not apply. If you have questions about mortgage insurance on an FHA or VA loan, contact your servicer.

The same conventional loan with private mortgage insurance would have cost you $1,168 a month – $57 less than FHA. After the premium reduction, the monthly payment on the FHA loan will drop to $1,138.