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Appraisals and PMI

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I am looking for advise on this matter. I am buying a home and close 6/29/09. I have to pay PMI and always will because it is an FHA loan. My LO tells me that my appraisal came in @ the loan amount due to sellers may want to back out if they appraise a true cost and it's more than what we have agreed to buy it for. Should I get my own appraisal after refi into a conventional immediately after closing? This appraisal isn't a true one, it just met the banks needs to get my loan without raising suspension. (atleast in my opinion) Can anyone shed some light on this and steer me in the right direction?

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sunnyview
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Appraisals often come in for purchase price because appraisers start at that amount and then build their appraisal around that. It is not right, but it happens more times than not. You can question the appraiser, but it is unlikely that you can get the PMI dropped even based on a higher appraisal until your loan has aged a bit even on a conventional refi. Many companies will bounce the appraisal if they feel it is too high or will refuse to drop PMI even with a higher appraisal unless the borrower is putting 20% down or at least until the loan ages for a set period of time. Do not buy expecting to drop PMI after you close because it may not happen. The appraisal that you got is likely a true one and your LO may be telling the truth, but may be shining you on to make you feel better about the purchase. Getting a new loan after you close may cost more than you will save in many years of PMI unless you keep the house for more than 5-6 years. Talk to the appraiser, get the appraisal report and I think you will get a sense of wether or not the appraiser low balled or not. My guess is they didn't, but it is possible. I believe taht even with FHA, you can age the loan and pay for a new appraisal to get the PMI removed after a set time if you have more than 20% equity, but you would have to ask your LO about that.

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wetdawgs
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wetdawgs

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PMI is not due forever with an FHA loan. It is due for a certain number of years, and with a certain percentage equity.

If you are eligble for conventional, why don't you wish to start with conventional? Refinancing immediately will only help you drop PMI if you've put in more than 20% down initially. The 20% is of the lower of the appraisal price or the sales price, not the one that you like the best!

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