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If you refinance your home into FHA loan and have 20% equity do you still need monthly mortgage insurance?

With 30 year FHA loans the monthly MI is in place for the life of the loan.

Kind regards,

Geoff Johnston

Mortgage Relief Specialist

GovernmentRefinanceAssistance.com

480.219.0585 (direct)

760.888.8293 (fax)
After finding the governmentrefinanceassistance.com web site I question this question of refinancing into an FHA loan with LTV being less than 80% would monthly mortgage insurance still be required and the answer is (yes with a 30 year loan) I wouldn't have believed it if I hadn't heard it from a government web site! Any thoughts?
Thanks, Sherry
The reason we went FHA is the processor told me her scores were to low to do conventional cash out refinance.

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This entry was posted on Monday, June 8th, 2009 at 6:00 am and is filed under FHA Refinance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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One Response to “If you refinance your home into FHA loan and have 20% equity do you still need monthly mortgage insurance?”

  1. Nash P says:
    June 8, 2009 at 6:00 am

    FHA always requires PMI even at 80% LTV, but its not a terrible price to pay to get interest rates in the low 5s with cash out and lower credit scores.

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