Money Matters
Mom987
member
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
FHA in 2010
Hi everyone,
We bought our home in 2010 with a FHA loan. Under the loan, they require that you wait 5 years AND 20% paid down before the PMI goes away. We have paid down the 20% in 3.5 years, however, must wait the other year for the PMI to drop off due to the rule that we signed up with. Has anyone been able to get around that or have any suggestions or how this can be removed early? It may not be possible without completely refinancing.
Thanks!
We bought our home in 2010 with a FHA loan. Under the loan, they require that you wait 5 years AND 20% paid down before the PMI goes away. We have paid down the 20% in 3.5 years, however, must wait the other year for the PMI to drop off due to the rule that we signed up with. Has anyone been able to get around that or have any suggestions or how this can be removed early? It may not be possible without completely refinancing.
Thanks!
Re: FHA in 2010
You could probably go to the site for FHA and find out or you could call them. Another option would be to refi the loan with a conventional lender. However, you would have closing costs. Do the math, would this route save you money if you didn't have PMI or is it more cost effective to just stay with FHA?
I got mine back as part of a re-finance. We went from a 30-yr FHA loan to a 20-yr conventional loan and received a refund because we paid the FHA loan off in less than 7 years. Looks like the time may now be 5 years or even 3 years depending on when you closed on your loan. Talk to your bank and see what they say.