How To Get Rid Of PMI

by Veteran
(Birmingham, Alabama USA)

Ask Kate How To Get Rid Of PMI: I am a veteran and I just bought a foreclosed home using a FHA Streamline Loan instead of a VA Loan. The house I bought costed $160,000 but it sold for 316,000 dollars in 2006. My lender had the home appraised and it appraised for $211,000.

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I had the home appraised on my own and it appraised for 272,000 dollars. Can I refinance by getting a VA Loan this time so I can get rid of the PMI. I have been in my new home for 6 months.

Kate Answers: How To Get Rid Of PMI

Dear Birmingham Veteran, It is great to hear of increasing equity after only 6 months of homeownership. I can certainly understand why you want to know how to get rid of PMI.

Besides conventional loans, FHA and VA also have their own guidelines. And within these large categories of mortgage, there are many subsets. Besides enough variances to make your head spin, your qualifying factors can influence an underwriting decision also.

So while I can't give a yes or no to your personal situation, I can direct you to information on getting rid of PMI.

First of all, familiarize yourself here at What Is PMI - Solutions And Answers for hows and whys.

This will let you inside the story of how lenders calculate PMI.

Many homeowners want to know how do I cancel PMI?

And for sure homeowners ask about PMI decision making.

For solutions based on inquiries from other Contributors just like you, visit Private Mortgage Insurance FAQs.

Last but not least, specific to FHA, FHA Refunds for mortgage insurance.

If you do not find the information you are seeking here, I hope you'll write me back.

Take a moment to bookmark How To Get Rid Of PMI to your favorites and visit often for more tips. You can also invite friends to comment on this page or ask another question of their own like you did.

Best Wishes,

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P.S. Check out Best Mortgage Rate Blog yourself! It's an entertaining source of mortgage information. Subscribe now to the RSS feed.

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