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You cannot remove PMI from an FHA loan. You will have to refinance to a conventional and will need 20% equity. If you owe 299K and the house is only worth 305K you are nowhere near the LTV, so sorry to say...
This. We have had a few houses, and paid them off. For a few reasons, we had to go FHA with this house. we were told at closing, to call the lender and get the point removed after 5 years. We did that recently, and got the exact information given above. I really wish we never went FHA now. Weve bought and sold houses in 5 states, and never had a point, now we are stuck with one
This. We have had a few houses, and paid them off. For a few reasons, we had to go FHA with this house. we were told at closing, to call the lender and get the point removed after 5 years. We did that recently, and got the exact information given above. I really wish we never went FHA now. Weve bought and sold houses in 5 states, and never had a point, now we are stuck with one
But you do realize you signed in no less than 2 places that explained FHA PMI removal at closing and in two places with the application? You are far from alone. Ask anyone if they understood every document at application and closing. My bet is most would not admit it, but it would be true for almost everyone, except those rare few, or those in the business. For years I've thought "plain English" summary tags/tabs on each form would benefit those that come back two days/months/years after closing to see what they signed. It's not like the loan officer or settlement officer will be stored in their closet with the closing package, prepared to explain the document again. But wait, putting something like that on every document makes too much sense.
But you do realize you signed in no less than 2 places that explained FHA PMI removal at closing and in two places with the application? You are far from alone. Ask anyone if they understood every document at application and closing. My bet is most would not admit it, but it would be true for almost everyone, except those rare few, or those in the business. For years I've thought "plain English" summary tags/tabs on each form would benefit those that come back two days/months/years after closing to see what they signed. It's not like the loan officer or settlement officer will be stored in their closet with the closing package, prepared to explain the document again. But wait, putting something like that on every document makes too much sense.
That's the problem with legalese. Only lawyers understand it.....they don't even agree on what it means all the time! I've actually been the dork who read all of the closing documents. I was given a copy before closing so I could read it all because I asked about reading it at the closing. The staff was appalled that I wanted to sit there are and read it. Hellloo!!! I'm signing my life away and hundreds of thousands of dollars.
I did not understand probably 90% of what they rambled on about. I could not tell you what was in those documents either. Here we are a few years later and I remember nothing! If the documents would have been written in regular English, it would have helped tremendously. They were not thrilled with my umpteen questions at the closing....I had a list of things I wanted explained. You would have thought I killed their mother with the looks on their faces. Yeah, that closing didn't last 30 minutes. Try about 2 hours.....and they were REALLY annoyed by the time we left.
But you do realize you signed in no less than 2 places that explained FHA PMI removal at closing and in two places with the application? You are far from alone. Ask anyone if they understood every document at application and closing. My bet is most would not admit it, but it would be true for almost everyone, except those rare few, or those in the business. For years I've thought "plain English" summary tags/tabs on each form would benefit those that come back two days/months/years after closing to see what they signed. It's not like the loan officer or settlement officer will be stored in their closet with the closing package, prepared to explain the document again. But wait, putting something like that on every document makes too much sense.
Well there is also the amortization summary unless that's what you're referring to. I put 5% down on an FHA instead of the 3.5% and I believe it was 8 years or so to remove the MIP with making the regular payments. Thunderkat, under the old FHA laws which you were under if it's been 5 years, MIP could be removed after 5 years, but you'd have to make extra principal payments. Although there is some vagueness as to the exact LTV ratio (which for FHA was based on original purchase price as mentioned). Seems like 78% should be automatic but you may be able to request it at 20%.
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