Condo appreciated

[Account Closed]

Hi guys,

1. I hope I got the correct forum. Anyways, a little background info. I purchased a condo about 2 years ago, FHA loan, for $256,000 30/years @ 2.875%. Since then it has appreciated in value; condos in my location are now being sold at $350+ and my county gave me their estimated value at $311,000. Here's what I am thinking of doing next, someone please advise me in a different direction if this is wrong.

I am going to reappraise to get my MI off my FHA loan.

2. If my goal is to buy another property, condo or home, what should my next steps be?

Any help would be greatly appreciated!!!

Cory

[Upen Patel]

@Account Closed MI on FHA loans is based on the last known value to FHA, which is typically the appraisal when you got the loan. You can't get rid of MI just by doing a new appraisal and providing that to FHA.

The simplest way to get rid of MI is to refi the loan away from FHA and into a conventional loan.

Please PM me if you have additional questions.

Thanks,
Upen Patel
Mortgage Banker