Quote:
Originally Posted by marino760
Earlier this year I refinanced my house FHA and just missed the equity needed not to pay PMI. Local home values have gone up quickly in this area. My neighbors house just 2 houses away sold last month for a significantly higher price than my house appraised for early this year. It's the same model house, same square footage and nothing special about it that I can see. There are other homes in the area about my square footage that are now selling significantly higher than mine was appraised. BTW, when mine was appraised, it was pretty much average priced for the size and neighborhood. Values here are going up fast.
How long do I need to wait to do a streamline refi FHA and hopefully lose the PMI and how will FHA determine current value if no appraisal is needed? Can I request a streamline refi for the sole purpose of losing the PMI, or how do I lose the PMI when it's fairly obvious my value is now over the 22 percent?
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There is no such thing as an FHA loan without PMI (they call it MIP). The Mortgage Insurance remains on the payment for the entire length of the loan.
You should refinance into a Conventional loan. Even if you are at 85% of the value, that Mortgage Insurance will eventually expire and be removed from the payment, unlike FHA.
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