Posted on: 26th Oct, 2010 10:34 am
I purchased my home last year for 155,000. I put 3.5% down until my other home sold. It did and I have some money to put down on the re-finance. But my house just appraised for 156,00. Even with the extra cash the lender said I will still have PMI?
You'll need mortgage insurance unless your loan amount is $124800 or less. The lender is right on.
Hi Guest,
If you refi to an FHA 15 year fixed and bring your loan amount down to 89.999% of the appraised value you WILL NOT be required to have monthly mortgage insurance.
If you refi to an FHA 15 year fixed and bring your loan amount down to 89.999% of the appraised value you WILL NOT be required to have monthly mortgage insurance.
