When cam MI be removed?

MI can be removed once your loan to value reaches 80% or less on a conventional loan. If it is an FHA loan and you weren't told the MI is for the life of the loan it is 78% loan to value. You will need to call your current lender to find out what their policy is for removing MI. You can refinance as well.

FHA Loans, Never unless you refinance. Conventional Loans once you hit 78% of the purchase price or property value at 5 years or after automatically. Sometime you can also request an evaluation after 24 months.

It depends on the loan product you have now.. if it's FHA and it was initiated prior to June, 2013 than the MI can be removed once you have paid your loan balance down to 78% of the original appraised value. If it's FHA and was originated after June 2013, then your MI will be there for the life of the loan.. you would have to refinance or payoff your loan to remove MI.. with conventional financing, if you will need to pay MI for 24 months, and once you get 20% equity or more, you can petition the lender to get it removed.. you will have to pay for an appraisal, but it can be removed if the value is there.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

It really depends on when you got your loan? Also, if you have FHA or Conventional. Need a little bit more info to properly answer this. Shoot me an email or give us a call and we'd love to help. 800-446-9043 ext 801

That is a broad question with a number of answers. If your loan is conventional financing, you need to wait typically a minimum of 2 years and your loan to value must be 78% or less. Then you can petition your current lender to remove it, which usually means a new appraisal. if your loan is FHA, it depends on when you first acquired it - FHA loans used to allow you to remove MI after 5 years and at 78% - now it is for the life if your loan. However, at any time, if you think you have 78% equity, even if it is FHA, you can refinance and eliminate MI that way - you would want to do an analysis on your current loan vs. a new refinance to be sure it is beneficial to you. I would be happy to assist you. Esta Hoffman Mountain West Financial 707 328-2864 esta.hoffman@mwfinc.com