Thanks for the back up. And good point on looking at all options including not paying down the loan but getting MI over 80%. Now you have some options from which to choose.
We can refinance you into a single loan without monthly PMI that will very likely save you money over your current situation up to 95% LTV, so you will want to weigh the options of paying it down to 80% vs. keeping your LTV where it is. Let me know if I can run any scenarios for you.
You have two questions. The first question is will you get a refund of the UFMIP when going from FHA to conventional. The answer is NO. Not since dec 2004 really. Not sure if others arent reading the question right because this is as easy as it gets. The second question is tougher to answer. We need to know more about your situation to give an accurate rate quote. Most important is your credit. You only have to hit 80% not 78% BTW. Hope this helps and please feel free to email or call if you have more questions.
Elliott R. Oliva
Envoy Mortgage, LTD NMLS #6666
7700 Old Georgetown Road Suite 550
Bethesda, MD 20814
Senior Loan Officer
Mclean Mortgage Corporation
571 308 4009 (M)
703 738 0961 (F)
703 626 3327