Home Buying in Charles Town>Question Details

Deb Crosley, Real Estate Pro in Leesburg, VA

appraisal question..

Asked by Deb Crosley, Leesburg, VA Thu Mar 5, 2009

Senerio- 245000 offer accepted, FHA loan pre approved, appraisal comes back at 308,000, therefore i am borrowing only 80% of the value of the home, with 3.5 %down, how will this affect the mortgage insurance you are usually charged with

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Deb,

It is a good question for your lender. Generally if you have 20% equity, that's enough to not have to pay PMI. However, there have been many modifications of FHA and I am not sure what their requirement is. The lender will be able to tell you for sure. Good luck!
0 votes Thank Flag Link Thu Mar 5, 2009
This is a great question for your lender.
0 votes Thank Flag Link Thu Mar 5, 2009
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