in a growing sellers market. Don't forget to look at your conventional loan after a year. Unfortunately FHA mortgages are stuck paying that nasty PMI for the life of the loan (you have to refinance out of it) If you are like many people out there and put 5% down on a new mortgage and the market is growing at 10-12%, you may start looking at removing your PMI. Most requirements are that you pay that PMI for at least 1 year & that it will automatically remove itself when it reaches 78% of the original loan amount but there is a secret. You can remove it beforehand. Well before the PMI automatically drops off. I did it and so can you. In my case it saved me $75 per month!!!!!!!
You'll need an appraisal which costs money and take that leap. I would be happy to look at your homes value and give you an idea if your home will appraise for the value you need. That's free. Let me know if I can help.
