Posted by TC on August 26, 2003 at 08:17:26:
Probably shouldn’t be going FHA on a 60%LTV loan…with a 1.5% fee and MIP at .5% per year, it’s really only a tool to get folks with limited credit and limited down payment into a house.
PMI on FHA loan??? - Posted by Jay (OR)
Posted by Jay (OR) on August 26, 2003 at 01:11:53:
How long will the PMI be in place on an FHA loan? The broker said it’s over the life of the loan. But if that’s the case, why not just charge a higher rate??? It’s going to be a 30 yr loan. The LTV is 60%. PMI for 30 years on a LTV of 60%?? That’s ridiculous! Anyone have info on that?
Re: PMI on FHA loan??? - Posted by HTG
Posted by HTG on August 27, 2003 at 15:13:00:
Once your have paid your loan down to 80% of the original amount, you can then request the PMI be removed. If you forget, you are able to get a refund on any PMI paid after your loan amount drops below 80%.