I just closed (September 2014) on a Hud home with 3.5% down. The home appraised at $215K and we purchased it for $197K, our balance is $194K. We have Hud FHA MPMI (special mortgage insurance) on the property and I would like to know when I could refinance and eliminate the HUD FHA MPMI. I am aware that this type of insurance is for the life of the loan, unless we refinance. My questions are many…
We'd like to refinance in 5 years so will a new appraisal be requested? I've read online that for these loans a new appraisal isn't taken into consideration.
My wife and I would like to pay next months principal for the next 4-5 years to help pay the loan down and build more equity sooner for refinance purposes.
We are trying to gameplan over the next several years so your help is really appreciated.
Thank you.
Read more: When can I eliminate HUD FHA MPMI?
