U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 09-27-2012, 06:40 AM
 
135 posts, read 496,161 times
Reputation: 34

Advertisements

Hi,

I currently have a 15 year FHA loan. This past month I got below the 78% LTV ratio, which as far as I can tell means that my MIP should be automatically dropped any time now.

However, I am looking to refi (4.5% now, have been quoted 2.75% for FHA Streamline Refi). If I refi after my MIP on current loan has been dropped, will the new loan have a monthly MIP? I'm pretty certain there will be an UFMIP, but was told by the lender that there would not be any monthly MIP.

Thanks!

chacho
Rate this post positively Reply With Quote Quick reply to this message

 
Old 09-27-2012, 07:27 AM
 
Location: N. Raleigh
728 posts, read 1,431,923 times
Reputation: 1180
Quote:
Originally Posted by chacho View Post
Hi,

I currently have a 15 year FHA loan. This past month I got below the 78% LTV ratio, which as far as I can tell means that my MIP should be automatically dropped any time now.

However, I am looking to refi (4.5% now, have been quoted 2.75% for FHA Streamline Refi). If I refi after my MIP on current loan has been dropped, will the new loan have a monthly MIP? I'm pretty certain there will be an UFMIP, but was told by the lender that there would not be any monthly MIP.

Thanks!

chacho
"SF forward mortgages with amortization terms of 15 years or less,
and a loan-to-value (LTV) ratio of 78 percent or less, remain exempt
from the Annual MIP
"

http://portal.hud.gov/hudportal/docu...id=12-04ml.pdf
Rate this post positively Reply With Quote Quick reply to this message
Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads

All times are GMT -6. The time now is 07:51 PM.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top