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Eliminate MI & PMI

 When Does Mortgage Insurance Go Away?

 

CONVENTIONAL

LTV (%)

Automatic

By Request

By Request

By Request

All Types

All

78%*

75%**

75%**

80%**

 

 

By Original Schedule

After 2 years

By Home Improvement

After 5 years

FHA ***

LTV (%)

Loans Originated Before 6/3/2013

Loans Originated After 6/3/2013

30 yrs

< 78

5 years

11 years

30 yrs

78-90

78%  & 5 yrs

11 years

30 yrs

> 90

78%  & 5 yrs

Loan term

15 yrs

> 90

78%

Loan term

15 yrs

78-90

78%

11 years

15 yrs

< 78

No annual MIP

11 years

  

* Note that the 78% loan-to-value calculation is not based on the current appraised value of the home; it's based on the DATE when the value is SCHEDULED to reach 78% per the Amortization Schedule (not a pay down or value increase)

 ** Based on new lender ordered, borrower paid appraisal upon written borrower request.

*** Note that the 78% FHA loan-to-value calculation is not based on the current appraised value of the home; it's based on the FHA's last known value of the home. In many situations, the last known value is the home's purchase price

      …..OR…Take Control and Refinance Out of your Mortgage Insurance!

1st Rate Mortgage Services, LLC NMLS #216585
327 Dahlonega St., Suite 104 B, Cumming, GA  30040
Office:  (770) 334-8451 Ext. 101
info@1stRateMtg.com
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A Georgia Residential Mortgage Licensee #32549
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