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If I do a streamline FHA refinance on my current loan, does my 5 year MI requirement start over?

  • August 14 2013 - Robertsdale
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Answers (5)

Profile picture for 800lbs In The Room

You say PMI, I say MI.
You say Monkey, I say Ape.

Enough said.....

  • August 19 2013
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Yes, the PMI would start over with today's new FHA loan requirements. 
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FHA loans have PMI? I wasn't aware the government agency had been privatized; boy do I feel stupid missing news like that!
  • August 14 2013
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Hello --

Yes, the PMI would start over with today's new FHA loan requirements. Thus, 11 years or entire loan term depending on the appraisal value. 

However, I would recommend converting from FHA to conventional and trying to reduce or even better yet, eliminating the PMI with a few different options available today.

Call if you like to discuss in more detail.

Thanks.
  • August 14 2013
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Yes, the MI clock starts over. Depending on the appraised value the monthly MI will stay on for either 11 years or the entire term. How long have you had your loan, what is the loan balance/current rate / monthly MI payment? 
  • August 14 2013
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Profile picture for cassandraevers
It's not 5 year anymore-it is for the LIFE of the loan! UNLESS your current mortgage was originated prior to 2009??? Otherwise new MI guidelines kick in-might want to refi conventional if possible.
  • August 14 2013
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