+1 vote
asked Apr 27 in FHA Loans by Oscar rodriguez

2 Answers

+1 vote
Oscar,
I believe you are referring to dropping off your mortgage insurance. Is that correct? If that is the case, and you completed your FHA loan after January of 2013, you will need to refinance your loan into a conventional loan. To avoid any mortgage insurance moving forward, you need to have 20% of equity in your home. Example, if you owe $200,000 your home must appraise for $250,000 or more. You must meet all the credit and income requirements for conventional financing. What state are you looking to complete the refinance? Please reach out to Mike Gracz on 630-659-7644 or email me at mgracz@usa-mortgage.com  to discuss further.
answered Apr 27 by MikeGracz (16,780 points)
0 votes
You are eligible to drop FHA MIP if your current FHA MIP is at 1.35% and had your FHA LOAN for 5 years

Gustan Cho NMLS 873293
Gustan Cho Associates Mortgage Group
answered Apr 28 by GustanCho (106,540 points)
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