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Can I get rid of PMI on my FHA loan even though I just refinanced but have had the property for 5 yr

Or does it start over for another 5 years each time I refinance with FHA?  I've been with FHA for 5 years and can pay down to 78% to get rid of the whopping $500 a month PMI. 
  • February 28 2013 - Santa Rosa
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Answers (4)

Great question, please contact a local lender to review.  Once you own a certain percentage of the home, you will no longer be required to pay PMI.  Talk to an expert for specifics, what you need to do, cost of another apprasial and etc.
Best of luck.
Spirit
  • February 28 2013
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Each time you refinance your LTV will reset and therefore you'll continue paying PMI regardless of the length of time you've been paying.

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This is not universally true.  On an FHA streamline refinance, without appraisal, the LTV is calculated from the original purchase price or appraised value (or subsequent appraised value if last FHA loan was done with appraisal).  If the FHA system does not have a record of the value then the starting LTV on the new streamlined loan is assumed to be 90%.

The 5 year component would hold true.
  • February 28 2013
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It starts over :-(

  • February 28 2013
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Each time you refinance your LTV will reset and therefore you'll continue paying PMI regardless of the length of time you've been paying.
  • February 28 2013
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