Tucson, AZ · Member since 2016 · 4 posts · 2 votes
Hi there,
I'm looking for a way to get rid of PMI (private mortage insurance) Just to give you the details. I purchased the home for 94,000 with a FHA loan putting a 3.5 percent down payment of $4000.00. That made the loan amount 91,000. It's been 4 years and some months that I have purchased the property with my current balance owing balance is 79,350.00. So with those details could I possibly get rid of the PMI? Any help is appreciated!
Real Estate Investor · Madison, SD · Member since 2015 · 187 posts · 61 votes
10y
@David Alvarez Yeah, I'm not too experienced with this so not sure how much help I could be. As far as refinancing, that would just depend on the terms you could get.
Since you bought it 4 years ago, I think you actually might be able to get rid of PMI if you purchased before 2013 by meeting the following requirements: 78% LTV and 60 months of on-time payment. (This is just what I gathered from reading articles online).. It would be best to consult with a bank rep though.