Asked by Spmoore39, Palatine, IL • Tue Aug 21, 2012
My wife and I bought (..ok, stole) a home about 6 months ago with an FHA loan with a large monthly PMI. Comparing the low price we paid and two recent sales in the neighborhood we are well under the 80% loan-to-value raito requiring PMI payments.
I spoke with our current lender about our options to get rid of PMI payments and was told we have to wait one year from the closing date before we can refi (through a non FHA program). Other sources say six months is the minimum wait. What's the truth?
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