Quantcast
Learn About Homeownership:
QuestionsCompaniesPeople
Few decisions are more important than how to pay for or maintain your home. Question Big can help you stay smart and avoid mistakes.
182
Views
1
Answer
0
Likes
David Cash
5 months ago
I am trying to eliminate the PMI. My loan is $599,000 while the value of the home is over 1 million. The loan started in April 2012. Can I eliminate the PMI? If so, what steps do I need to take?
 
Answer this question:

Please log in to submit an answer.

Best Expert Answer
Joe Wallace... Answered 323 more questions
5 months ago
Are you asking about private mortgage insurance on a conventional mortgage or the FHA Mortgage Insurance Premium for FHA single-family home loans?
For conventional mortgages, you may need to speak to your loan officer to discuss the private mortgage insurance requirements for that financial institution. For FHA mortgages, Bruce Reichstein answered this question a while back, here is a quote of his answer:

"Here is the answer pertaining to FHA loans:
"Certain rules were in place for FHA insured loans pertaining to cancellation of the Annual Mortgage Insurance Premium (MIP) for case numbers assigned prior to June 3rd, 2013. New rules apply for case numbers assigned after that date. Dates for removal guidelines are critical.

Removal for a 30 Year Term – borrower must pay the monthly insurance premium for a minimum of 60 months and the loan must reach 78% loan-to-value (LTV) as a result of paying the loan down (amortization). LTV is determined by the original sales price on the closing statement and not the new value of the home.

Removal for a 15 Year Loan Term – For Loans that closed prior to June, 2012 – there is NO requirement that FHA MIP be paid for 60 months if the LTV is below 78%. LTV is determined by the original sales price on the closing statement and not the new value of the home.

How to Cancel the FHA MIP? While it states that FHA will automatically drop the monthly FHA MIP based on the amortization schedule, this is not always the case. We suggest contacting your mortgage servicer to make sure they are aware of your projected date for your MIP removal and for any other procedures needed."
FHANewsBlog.com
Our blog is brought to you by the knowledgeable group of counselors at FHA.com
Visit our website
Best Expert
Answer
Similar Questions
4.3k
Views
1
Answer
2
Likes
ramon ibarra
2 years ago
For example, I bought my house for $158k. My current mortgage balance is $142k. The bank told me a few days ago my home is worth about $245k.
For example, I bought my house for $158k. My current mortgage balance is $142k. The bank told me a few days ago my home is worth about $245k.
answer this question
2.0k
Views
2
Answers
1
Like
A Curious User
2 years ago
My property is zoned for mixed-use (residential and commercial).
My property is zoned for mixed-use (residential and commercial).
answer this question
1.4k
Views
1
Answer
1
Like
A Curious User
2 years ago
I sent over a copy of the transaction as I don't get paper statements mailed to me. Will a copy of the transaction suffice? I'm not comfortable sending over my bank statements. It wasn't necessary for another child's loan.
I sent over a copy of the transaction as I don't get paper statements mailed to me. Will a copy of the transaction suffice? I'm not comfortable sending over my bank statements. It wasn't necessary for another child's loan.
answer this question
63k
Views
8
Answers
1
Like
Matthew Hall... Asked 1 more question
2 years ago
My home value has risen enough within the last year to where what I owe is 80% of the current value of the home according to the county appraisal. I am still a long way off from 80% of the original purchase value. Is it possible to remove the MIP based on the current value of the home?
My home value has risen enough within the last year to where what I owe is 80% of the current value of the home according to the county appraisal. I am still a long way off from 80% of the original purchase value. Is it possible to remove the MIP... (more)
answer this question
6.0k
Views
4
Answers
1
Like
Ryan Teodoro... Asked 1 more question
2 years ago
I was wondering if a score of 800 was good enough to secure a loan, and if so, what kind of APR can I expect?
I was wondering if a score of 800 was good enough to secure a loan, and if so, what kind of APR can I expect?
answer this question
Ask a Question
 


Choose up to 5 tags (e.g. FHA loan). We'll recommend some, but you can change them if you want.
Thank you!
Please check the email address you registered with for your account confirmation. Then click the activation link to get started.
Question Big is a community of consumers and professionals sharing experiences, knowledge and advice.
Report Content
I'm reporting this because I think it is:
Report User
I'm reporting this user because I think the user is:
Report Company
I'm reporting this company because I think the company is:
Thank you!
Our team will review the content you reported and will take appropriate actions. We appreciate your contribution to the Question Big community.