I purchased my home in the past 12 months and I have seen my equity in my home increase over that time, how can I get rid of the FHA mortgage insurance?
The immediate answer is that you will need to refinance out of the FHA home loan program into a VA or Conventional type loan program. The FHA home loan was there for you to purchase the property, it has served it’s purpose. Now it is time to explore your options on how to refinance out of that loan and into something that is long term.
You may have the equity in your home now to refinance out of FHA and remove the mortgage insurance, what perfect timing you had to purchase a home because the equity that may be in your home to eliminate the MI. I have placed a lot of home buyers in the FHA type loan because the program does offer alternative financing that most loan programs do not, such as lower credit scores, FHA 203K and down payment assistance loan programs.
Once one of my valued buyers closes on their purchase loan utilizing the FHA program, we start the process to prepare them to refinance out of the program in 6 months. By doing this, it will give them to time to increase their credit scores if they were not there at the time of purchase, save additional funds and allow time for the equity to increase, which will be based on the supply and demand in the area where purchased.
Do inquiry with your CPA or tax preparer to check on the new tax rules to see if you are allowed to write off the mortgage insurance payment on your taxes. In some cases you are not allowed to do so, now you are just throwing money literarily out the window. Stop the madness and lets doing something about it.
I welcome the opportunity to speak with you to see if their is a way to remove the FHA mortgage insurance and start saving you each every month. Image what you can do by skipping 2 mortgage payments and lower your overall mortgage payment, I can tell you, I can think over hundreds things I can do with the extra money.
Now that you are in the home lets see about removing the FHA mortgage insurance, I can review your current situation and present you with some options to see if there is a benefit for you to move forward with a Conventional refinance loan. Contact me at 909-503-5600 or complete a short inquiry form HERE and we will be in touch to discuss your goals with a refinance. I look forward in hearing from you on how to remove your mortgage insurance.