Did you pay the PMI out of pocket or did you finaance it into the loan? Most FHA loans without putting 20% down charge you PMI with the monthly payment depending on the size of the loan the PMI amount changes, these days they allow for MIP which is up front PMI paid in advance this allows the payment not to be as high since they have the bulk of the money up front, I would chekc elsewhere as the bank most likely sold the loan and if you refi now they get wacked with a EPO charge which is substancial, please email my contact firstname.lastname@example.org you will answer your questions a little better.... more
You might want to start here:
It might read like hieroglyphics, but if you make your way through the site you can determine your eligibility
After that, you need to find a lender who will approve you based on your credit, income, etc.
If you have any questions, please let me know.
Bank of America Home Loans
Call your attorney. That sounds ridiculous. Is your property anomalous somehow? This is an excerpt from an email from my friend who is an amazing mortgage broker:
1) For the purposes of compliance with USPAP Standard Rule 1-4(a), comparable properties are those properties that are generally similar to the subject property being appraised and may include the following characteristics: building size, architectural style, functional utility, building materials, construction quality, age and condition of improvements, site size, location, view, economic market conditions, and conditions of sale. An appropriate comparable need not necessarily comply with all of the preceding characteristics. However, whenever a comparable is utilized that deviates substantially from the subject property being appraised, the deviation shall be explained in the appraisal report and/or the appropriate adjustment made.
2) Additionally, properties used as comparables, whenever possible, should be competitive with the subject property and ideally located in the same economic market area or neighborhood. If sufficient data on the sales of local comparables are unavailable, transactions involving properties in other comparable, but not directly competitive, neighborhoods or locations may be utilized in the sales comparison analysis.
Eric Heinrich, CRMS
NAMB Certified Residential Mortgage Specialist Mortgage Master, Inc.... more
No all mortgages must be paid in full at closing GREAT thought !.... have you considered leasing ? Have you considered a buyers agent that will return a certain % of their commissions back to you. or work things out with a new builder? Good luck http://www.lynn911.com... more
You really should speak with your lender on this one! Sometimes a line of credit can be done without an appraisal but it depends on many factors. You need to check the various programs your bank or lender provide. If you have owned the home for two years it is likely that you have not gathered much in the form of equity and appreciation so it would be best to find out what your lender thinks. And go from there.... more