Fha Mortgage?
We are refinancing to a FHA mortgage, and I have heard that they do not require PMI insurance, is this true?
If you enjoyed this post, please consider subscribing to our FHA Mortgage Blog feed and get future articles delivered to your feed reader.
Comments
FHA is for buying a house. I don’t think you can re-fi from conventional to FHA.
Also, when buying a house, the PMI (Private Mortgage Insurance) is what insures conventional loans. FHA loans are insured with what’s called MIP (Mortgage Insurance Premium). With less than 20% equity, it’s gotta get paid to somebody.
Make sure that the lender you’re using is reputable – some will re-fi you, just to make their money even if there is little or no benefit to you.
I’m not sure. I would check the FannieMae website, tehy specialize in these types and other types of loans. I think they may have a chart that compares and contrasts the different pros and cons of each type of loan that they offer. If not look for your local FannieMae provider and I know that they have a detailed book about the size of a coloring book that will tell you everything you need to know and they will be happy to counsel you on your options. Our local place is called Wyatt Mortgage.