PMI

Profile picture for ryanjack911
How can we get rid of PMI
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November 10 2009 - Baldwinville
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Answers (3)

Profile picture for Mike Politzer
No, it will depend on what the balance of the loan is relative to the original appraised value. If it's 80% or better, you should be able to petition to have it removed. What Andrew is saying is that regardless of the principal balance paydown, if you keep the loan you'll have MI for 5 years.
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November 12 2009
Profile picture for SurgeArrest
so if i go with FHA, with 20% down, the PMI will go away after 5 years?
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November 12 2009
Profile picture for 203K Specialist
In most cases you will need to pay the original balance down to 80% loan to value.  If it's FHA even if you do that you have to wait 5 years from the date you closed.
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November 10 2009
 

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