Is an FHA refinance good when i have a really good credit but the value of the house is low?
Written By: admin on November 20, 2009
One Comment
I have a 276k loan with 6.75 apr, conventional loan.
I went to bofa to try to refinance. They said i can do it only with an fha loan at 5.25
Savings per month are 260$, The house can be apraised for 300k
I know with fha loans u pay the full amount of pmi.
Is it excellent or no?
Thank u
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Yes, it’s a very excellent loan for that. The PMI on an FHA loan is much lower than a conventional loan. So, if your value is low and your loan amount is high, it is certainly the right loan product for you. On that size loan amount for FHA, the PMI is $115 per month. If you did a conventional loan with that loan amount and appraised value, the PMI would roughly twice that. I would go for that deal.