+2 votes
I would pay for the appraisal, correct? Am I guaranteed that the lender would no longer require the MIP payments upon receipt of the higher appraisal? I’ve paid the minimum five years (going on six now) and am certainly past the 78% LTV ratio if the current value is used.
asked Apr 30 in FHA Loans by Steve

2 Answers

0 votes
Lenders automatically will not drop FHA MIP unless borrowers request it. I suggest you contact them to request for elimination of the 1.35% FHA MIP.

Gustan Cho NMLS 873293
Gustan Cho Associates Mortgage Group
USA MORTGAGE
Website www.gustancho.com
answered Apr 30 by GustanCho (107,040 points)
0 votes
As long as you took out your FHA loan before January 2015, which you have, you will need to request this directly from your lender. There is not a guarantee you will not need an appraisal if you are using your home raising in value. If you are below 78% on your amortization schedule, you should not need an appraisal. Please comment back on here with an update after you speak to your lender. Be cautious if they say you must refinance into a conventional loan. FHA MI premiums are now different compared to when you entered your FHA loan.
answered May 1 by MikeGracz (16,780 points)
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