Financing in 95757>Question Details

bheadpictures, Home Owner in 90254

MIP and refinancing options. I purchased a fixer-upper with an FHA loan and would like to refi to conv as to stop MIP. Wondering what is involved?

Asked by bheadpictures, 90254 Tue Jan 1, 2013

The home was a fixer project. The first appraisal in escrow was for 800k, the lender contested and had a second drive by appraisal done and arrived at 750k (used as the purchase price) Put 3.5% down. Then put 100k into the renovation. In theory I should already have between 100-150k in equity based on the current market in Los Angeles. Would it make sense to seek a convential refi?

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You may still have to pay MI on a conventional if the LTV is greater than 80%. However, depending on the scenario, you wouldn't necessarily have to pay MI on your loan for as long as you would with FHA.
0 votes Thank Flag Link Wed Jan 2, 2013
Call your mortgage company first and ask them. If it was an FHA 203K loan, they sometimes have a stream line refinance option. If that is not possible, then definitely look into a conventional refi with a different mortgage company. But try the streamline approach first.
0 votes Thank Flag Link Wed Jan 2, 2013
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