I have a loan for 350k on one property and I own a rental with a loan for 400k?

Written By: admin on July 13, 2009 One Comment

Can I refinance either one of these loans on an FHA loan? Will I have PMI ? My LTV is 80% on both properties.

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Steve M on: 13 July 2009 at 7:26 pm

Your primary residence, yes. Your investment property, no..FHA does not loan for investment properties. As far as PMI, if your appraisals come in at the value 20% higher you will NOT pay PMI. You may check going conventional as well. One cavet, you may have to go conventional regaurdless due to loan limits on FHA. The loan limits are county specific and vary from state to state, so check with your lender. Here is a link that you can check your area. https://entp.hud.gov/idapp/html/hicostlook.cfm