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dj1200techniques t1_itv66ls wrote

Reply to comment by BubbleWrapGuy in Mortgage Lender Recommendations - FHA by GaimanitePkat

Yes but you can also do a rate and term streamline FHA refi once you have 20% equity and the PMI payment falls off.

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gracetw22 t1_itv8idx wrote

No, even a streamline FHA at 80% loan to value will have PMI. It’s a bummer but just how those loans work

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dj1200techniques t1_itv9a1m wrote

Whaaaaat ?? That must be something new. Then again I haven’t written a loan since 2008 🤷🏽‍♂️

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BubbleWrapGuy t1_itvbuuv wrote

I believe FHA loan rules changed in 2013 (based on the one source I checked this morning).

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gracetw22 t1_itvk1cz wrote

Yep, you can put 50% down on an FHA loan and the MI never drops off. I think it changed in the last 10 years but can't quite remember when.

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