No. of Recommendations: 0
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!

Print the post  


Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.