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Updated almost 7 years ago on . Most recent reply

User Stats

88
Posts
7
Votes
Mina G.
  • Rental Property Investor
  • Jersey City, NJ
7
Votes |
88
Posts

just qualified for MIP removal, is it still considered an FHA loa

Mina G.
  • Rental Property Investor
  • Jersey City, NJ
Posted

I have a duplex that I financed using an FHA loan (paid 3.5% and had to have MIP for 5 years and must pay off 22% of the balance)

I just had the MIP removed. Is my loan still considered an FHA loan? Do I qualify for another FHA loan or is just a one time thing? I still own the property and still live in one of the apartments. But I'm trying to purchase a second property that is a duplex as well and I'm planning to move in one of the the apartments there.

If not, is there financing that allow 10% or less for a duplex? 

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