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Property Q&A in 20013 : Real Estate Advice

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Activity 1
Mon Mar 4, 2013
Jason Skipworth answered:
Frank,

The answers so far are correct. However, previously with FHA loans, once your equity in the property reached 22%, then you could get rid of the monthly PMI. Unfortunately, after April 1, 2013, if you only put down 3.5% when you originally purchased your home, the PMI will remain for the lifetime of the loan, no matter how much equity you have. So while your payment can't change with the FHA changes, you will also not be able to get rid of PMI. ... more
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