| FHA Refinance If you are facing foreclosure we have helped many homeowners refinance out of foreclosure to a fixed rate loan. |
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03-16-2010, 02:57 PM
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I'm refinancing my loan to a 15 yr FHA?
Was told I didn't have to pay pmi on a 15 yrs FHA loan so why are they adding on to my closing cost, is that true we should not be paying pmi or mip? I'm confused it just seems like it's to much money it's almost 3,000 dlls.
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03-16-2010, 06:51 PM
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I don't know if things have changed in the past couple of years, but PMI is never removed from an FHA loan. If you don't want to pay PMI, try to obtain a 15-year conventional mortgage. If you have 20% equity in your home, you won't have to pay PMI on a conventional mortgage.
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03-18-2010, 07:58 AM
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With an FHA loan, you have to pay an up-front mortgage insurance premium at closing (about 1.5% of the loan), and you have to pay monthly premiums for either five years or until your loan-to-value ratio reaches 78%, whichever happens LAST. Whoever told you that you didn't have to pay PMI on an FHA loan was wrong.
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