Can someone please clarify for me what the deal is with PMI on FHA loans? From what I have read on this board, PMI continues even after you have 20% equity in the home due to the loan being FHA. Am I correct in understanding that the only way to get rid of it is to refinance with a conventional loan? My DH didn't realize that this was the case and I want to make sure we are right.We are now in the process of looking for a mortgage so that we can get preapproved before we go looking for a house. Any responses would be greatly appreciated!Jen
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