hi,Does pmi get waived upon converting an FHA loan to Conventional? For example someone buys a 1 million dollar home with a 3.5 percent down payment and at a later time decides to convert the 30 year FHA to 30 year conventional would that waive the pmi?
Will this conversion require a refinance?
Appreciate your input
FHA mortgage insurance is typically there for the life of the loan, so yes you'd need to refinance. 20% equity is required to completely waive the PMI, though at 10% and 15% equity it becomes possible to bake it into the interest rate and advertise it as "no PMI."