01-10-2017, 10:19 PM
I got fucked paying PMI for 9 years on my WV house - so I'm real skeptical of this. Too many ways for the banks to screw you. I bought way cheap for the time, and still couldn't get a refi (mostly because my loan wasn't owned by fanny/freddy). I also couldn't get rid of PMI with an appraisal even though I eventually hit +20% equity. Lots of fine print to read on that, and I think at a minimum freddy loans require PMI be on there for 2 years.
tl;dr - I looked at a ton of options to avoid PMI on my second house (which closes in a couple weeks), and ended up going with an 80-10-10 because I'll have the 10% loan paid off ASAP when I sell the WV house, and it will be cheaper than 2 years of PMI.
tl;dr - I looked at a ton of options to avoid PMI on my second house (which closes in a couple weeks), and ended up going with an 80-10-10 because I'll have the 10% loan paid off ASAP when I sell the WV house, and it will be cheaper than 2 years of PMI.
2013 Cadillac ATS....¶▅c●▄███████||▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅||█~ ::~ :~ :►
2008 Chevy Malibu LT....▄██ ▲ █ █ ██▅▄▃▂
1986 Monte Carlo SS. ...███▲▲ █ █ ███████
1999 F250 SuperDuty...███████████████████►
1971 Monte Carlo SC ...◥☼▲⊙▲⊙▲⊙▲⊙▲⊙▲⊙▲⊙☼◤
2008 Chevy Malibu LT....▄██ ▲ █ █ ██▅▄▃▂
1986 Monte Carlo SS. ...███▲▲ █ █ ███████
1999 F250 SuperDuty...███████████████████►
1971 Monte Carlo SC ...◥☼▲⊙▲⊙▲⊙▲⊙▲⊙▲⊙▲⊙☼◤