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

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Castle Leslie

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Question by dgoldenboy67: what is the income and credit requirement for a VA home loan of 0, this 000. ?
I had filed for chapter 13 in 07 for medical reasons, seek but the case was dismissed. Where doI go from here. My credit score is only now 550. My income is $ 80, erectile 000.
Thanks

Best answer:

Answer by Sofa King
You need to make about 160,000 a year to afford a $ 350,000 loan.

[edit] You’d also need 87,500 (20%) down + closing costs, etc.

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Question by Sherry: 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, online

Geoff Johnston

Mortgage Relief Specialist

GovernmentRefinanceAssistance.com

480.219.0585 (direct)

760.888.8293 (fax)
After finding the governmentrefinanceassistance.com web site I ask 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.

Best answer:

Answer by Lee N
Typically, treat no. PMI usually is not required if you have equity at 20% or higher. The problem is that right now the value of your home may not be what you think it is. Lenders and appraisers are being a lot more conservative. Good luck to you.

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