When can I drop the Mortgage insurance premium on my FHA loan?
When I spoke to the rep on the phone(could barely understand her) She said 3 conditions must be met. It must be paid for a minimum of 5 years,be current, and LTV ratio reach 78%.
HUD has a specific link on the wesite giving conditions , but its hard to understand. I asked the mortgage rep if I could get a new appraisal since weve made improvements and drop it. She said I could but we would have to contact HUD with the new appraisal. She also said the LTV ratio is not on the loan price , but the purchase price(before down payment.) Noone there is helpful and would like some answers.
Please someone give me specifics of what I would need to do to get it drop. It would save $53. a month I could put toward my principal and that is a lot of interest saved- thousands. I have painted , put on new roof and added skylights. Carpet is next. What specifically do I do and what are the laws with HUD? Which one has to drop it? I keep gettng the run around. You can email me with any more details needed. thanks