I concur with AJ, shop somewhere else for a non FHA loan. You shouldn't need to pay PMI. Plus we found when we refinanced our closing costs were significantly less than was originally quoted to us once they realized we weren't going to attempt to draw any equity out of the home.I'm seeing rates listed on my credit union site for 2.6% for 15 and 3.25% for 30 year loans. So I bet with some shopping you can find loans beating 5.5% and not have to pay PMI. Lara Amber
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