All Forum Posts by: Account Closed

Not sure if it makes a difference but I am located in Rhode Island. 

Hey All,

I currently own a 2-unit Multi family and living in one unit. I purchased the house under FHA loan. I purchased it in 2013 for 185k and it was appraised right at 185k. I currently owe 171k in principal.

I was speaking to a lender and I can refinance to lower my PMI. I didn't have a chance to ask him, but wanted to see if anyone here can give me some guidance. The house has increased value since I purchased it and I wanted to figure out how/if I can get a conventional loan.

Would I be able to get someone to come in to appraise the home to show that I have more then 20% equity in the house then refinance to a conventional loan?

So for example, I owe 171k and the lets say the appraisal comes in at 230k. Then use the appraisal to lock into a 30 year @ ~3.6% interest. It would end up dropping my payments almost $200/m

Thanks!

Sean

I am looking to purchase a foreclosure in Pawtucket. Any idea what this "grant" is called? There is also something call Grant for Grads for rhode islanders that you can get up to 7k in a forgivable loan after 5 years.