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It may be possible depending on your credit score and the rate of your current mip. The FHA requires that you save a minimum of 5% on your P&I payment plus MIP. It's definitely worth taking a look at because the benefits to you are being locked in at the lower interest rate without having to do any appraisal or income verification and your payment should decrease significantly once the MIP is gone. Either way, you'll save on your monthly payment because it's a requirement by the FHA. Keep in mind that because you purchased in 2010, your mip rate will increase; however you may still be able to save with no out of pocket costs to you.Bottom line, the only way to tell for sure is to speak directly with direct FHA lender.
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For Sale: $799,980
For Sale: $199,000
For Sale: $440,000