Zillow Advice: FHA and VA Loans - FHA Mortgage Insurance http://www.zillow.com/advice-thread/FHA-Mortgage-Insurance/484565/ Zillow Advice | Zillow Real Estate You may petition the lender ... http://www.zillow.com/advice-thread/FHA-Mortgage-Insurance/484565/ You may petition the lender after the 60 month timeframe is up, however if you approach the 80% mark sooner it may benefit you to refinance into a conventional loan. Wed, 06 Nov 2013 17:01:00 GMT http://www.zillow.com/advice-thread/FHA-Mortgage-Insurance/484565/ 2013-11-06T17:01:00Z i would recommend going conventional ... http://www.zillow.com/advice-thread/FHA-Mortgage-Insurance/484565/ i would recommend going conventional if you have the equity (80%). no point in paying the monthly mortgage insurance if you dont have to Mon, 25 Mar 2013 06:20:00 GMT http://www.zillow.com/advice-thread/FHA-Mortgage-Insurance/484565/ 2013-03-25T06:20:00Z Thanks for all the replied. ... http://www.zillow.com/advice-thread/FHA-Mortgage-Insurance/484565/ Thanks for all the replied. &nbsp;<br/>More details&nbsp;<br/>Real value $184000 townhome; right now loan of $138000. &nbsp;HOA is only common area. I take care of the outside<br/>This is an investment home that I own and manage. &nbsp;I live only 4 miles away. Mon, 25 Mar 2013 05:15:00 GMT http://www.zillow.com/advice-thread/FHA-Mortgage-Insurance/484565/ 2013-03-25T05:15:00Z The annual MI you pay each ... http://www.zillow.com/advice-thread/FHA-Mortgage-Insurance/484565/ The annual MI you pay each month will stop once your loan balance reaches 78% LTV as long as you paid for at least 5 years It has nothing to do with appreciation, your home could go up in value $500K and you still have to pay the balance down to 78%, you can not use a new appraisal to eliminate the MI. If you used an appraisal when you refinanced then the LTV will be based on that value, will have to pay down to 78% of that. If you refinanced on a no appraisal streamline then the LTV is based on the original purchase price assuming the appraised value was not LOWER than the purchase price. Did you purchase in 2011 or refinance in 2011 or both? It is typical for the annual MI to stay on for 9 - 10 years if you put down 3.5% and on a 30 Yr loan, unless you have been making additional principal payments.&nbsp; Mon, 25 Mar 2013 03:33:00 GMT http://www.zillow.com/advice-thread/FHA-Mortgage-Insurance/484565/ 2013-03-25T03:33:00Z With your loan, FHA requires ... http://www.zillow.com/advice-thread/FHA-Mortgage-Insurance/484565/ With your loan, FHA requires the borrower to pay&nbsp;monthly mortgage insurance&nbsp;a minimum 5 years. Only after that time period can you request the&nbsp;monthly mortgage insurance be removed. &nbsp;<br/><br/>Or, you could refinance to a conventional loan without any mortgage insurance, provided your appraisal shows you have at least 80% equity or if not, then pay down the outstanding balance or get a simultaneous second mortgage to reduce your 1st mortgage down to 80% of your appraised value.&nbsp;&nbsp;&nbsp;<br/><br/>I hope that helps. Please feel free to contact me directly if you have any further questions, I'd be glad to help.&nbsp;<div><br/>All the best, &nbsp;<br/>Ros &nbsp;<br/><br/><div>Roswell Moore, CMPS &nbsp;<br/>Certified Mortgage Planner &nbsp;&nbsp;<br/><br/></div></div> Mon, 25 Mar 2013 03:24:00 GMT http://www.zillow.com/advice-thread/FHA-Mortgage-Insurance/484565/ 2013-03-25T03:24:00Z [content removed by Zillow ... http://www.zillow.com/advice-thread/FHA-Mortgage-Insurance/484565/ [content removed by Zillow because of spam.&nbsp; Please refer to our <a href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">Good Neighbor Policy</a> for more details.] <br/><br/> Mon, 25 Mar 2013 03:12:00 GMT http://www.zillow.com/advice-thread/FHA-Mortgage-Insurance/484565/ 2013-03-25T03:12:00Z