How do I remove the PMI?

I HAVE PMI on MY FHA LOAN, HOW DO I REMOVE THIS FEE?

We all have this variation of question, that's really the same thing. Perhaps you've thought about, we will try to answer your questions, in a FAQ format, but you are more than welcomed to send us in your questions to the "connect" page. So let's jump right in and hopefully we can better guide you in making a decision in letting us refinance your mortgage. 

How do I remove the PMI on my FHA Loan? 

You can't call the lender to remove it, you have to refinance your mortgage to remove the PMI. When you refinance, the lender/investor who funded your is free from liability from your loan. You remove the PMI, and the new lender takes on the risk of your loan. The good news is that since there's a new investor  (let's assume its Hope Street Funding for a second), Hope Street Funding (our sister-company) would be valuing the property of 20% more equity, allowing you to qualify for a conventional loan to remove the PMI. 

How do I cancel my FHA mortgage insurance?

By refinancing into a conventional loan. (We are experts in this area by the way.)  Refinancing into a conventional loan is harder than the traditional FHA Loan, Qualifying and Underwriting guidelines are stricter but, these guidelines can be navigated accordingly to your need and situation.  We specialize in Conventional loans, and know these guidelines extremely well. 

At what point does my PMI fall out on my home? 

Never, or it depends. The FHFA, CFPB and Department of HUD (regulatory bodies that designed FHA guidelines and loans) this way this so the guidelines offer you a lower rate with a significantly higher private mortgage insurance payment- as an incentive to the lenders and investors who buy your loan, incase of default. If you've put more than 10.01% down on your mortgage down payment, there's a small chance that you could remove your PMI because the value of homes skyrocketed making you eligible over the 20% equity needed. The chances are that like many homeowners, if you didn't put this much down but still bought one to two years ago, there's a 95% chance that you're home is valued greater than the 80% loan to value needed for you to refinance.  Ask us about the value of your home to see if you qualify to refinance your mortgage. 

how long will my pmi stay on my FHA loan?

Sadly, it will always be there, until you refinance your mortgage. If we refinance you into a conventional loan, it will remove your PMI loan. The good news is that we can refinance your mortgage in less than 10 days. 

What LTV value do I need to have in order for me to refinance? 

We need at least 80% loan to value for a prime rate, conventional mortgage. This gives you the best prime loan rates available at any given day. Take the value of the home, let's say $850,000 X .80 = $680,000 now you're at a maximum loan of $680,000. If the value of your loan is less than this amount, this is the highest loan amount you could qualify for when refinancing your mortgage. Budget accordingly, if you're planning on cashing out, make sure that your bills, cost of the mortgage, and new loan amount aren't above this limit. You may have to adjust your loan and the items you wish to pay off. 

There are 2, 3 or more people on title and the loan, but how do i remove from the title, and stay on the loan?

The short answer is you can't remove someone from the loan. You have to refinance to remove anyone from title or the loan- while you yourself can stay on the new loan. Since you have to refinance under you, or someone's income and qualify, be prepared to have your income stress tested. Your total debt to income has to qualify with your income. When you qualified for the FHA loan you had 2, or 3 co-borrowers, which meant 2 or 3 income streams, now its only you. With rates being higher now than before, it isn't impossible to take someone out of the loan, you just need a good lending team that can navigate conventional guidelines, this is where we come in. We can help you sort out any scenario you have in your mind. 

Watch this video will show you how to qualify for your loan. 

my parents are on the loan, but how do i qualify by myself, and is it possible to keep them on title?

Yes, as long as your income services the loan, you certainly could. Let's keep the previous example in mind, with the $680,000 loan, and let's say for instance the payment, principal, interest, taxes and insurance comes out to be, $3,550. You will need at least $7,100 in monthly income to qualify for this conventional loan. A lower mortgage payment will result in a lower monthly income to qualify. 

Watch this video below to help you qualify for your property. 

how do i get the actual value of my house without doing an appraisal or paying for an appraisal? 

Don't trust googling for your value. We know what happened with that Z company- automated values don't work. The good news is that we've been in business for 17+ years, and know valuation very well. We can provide you the actual value by doing a comparative market analysis, we follow best practices to get you the most likely value that it will appraise for, assuming you sold it today. This is how lenders value your property. We can provide you a value within minutes from calling us, or sending us a DM or email with the property address. Request your value now. Our valuation service is typically $250 in value, but we will waive our fee for you and offer it complimentary. So Take advantage of it now. Fill out the connect card below. 

If i refinance, how much will i expect to save? 

You can expect to save the PMI fee. On top of that, you'll save on interest from the mortgage, and you'll save from compounded interest from credit cards or other loans that you are paying off. Student loans capitalize, this means that the loan values continues to increase, because the difference of interest and principal doesn't reduce your balance, this is is why- we recommend to payoff student debt if you have any during your cash out process. In fact, you're rate is and 1/8 percent better when you cash out to pay off a student loan, even if the balance is small, you'll receive your rate discount.   

I have va eligibility but I never used it, I used an FHA loan instead. can i refinance into a va loan? 

Being eligible for a VA loan, or IRRRL loan, is as best as its going to get for you being a home owner. The rates are always one, to almost two points lower than what is available on the market. We are a VA expert in the Southern California Market and will be able to help you with facilitating this transaction. We close VA loans in less than 6 working days.  

I used a conventional loan to purchase my house, but i am also va eligible, can i refinance and remove my mortgage insurance? 

Yes, you can. You can refinance into your VA loan, using your VA eligibility. For a loan quote, please fill out the connect card or DM us now, so we can give you a quote, in seconds. 

What states and counties do we service?

We service Colorado, California, and Florida. If you need specific counties, visit our county loan limit page, it will guide you and tell you what counties we are approved in, and what are the maximum per counties. 

See the Approved States Page for more information.  We are in the process of obtaining other states, and should have those up in the next few months. Check back to see if our company is approved with your state.

Other questions regarding your FHA Loan?

We can guide you. 

 Feel free to DM now or send an email. 

For a Loan Quote, Fill out of Connect Card. 

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Here are a few of our loan options

AGENCY HSF (10-30 YEAR FIXED)

• Minimum Loan Amount $125,000
• Maximum Loan Amount to County Loan Limit 
• Manufactured Housing Okay 
• Cash Out Okay to $500K or more
• Refinance
• Owner Occupied/Investment/Second Home Refinances
• 700+ FICO for prime rates
• Cash Out, remove PMI to purchase 2nd Home, Investment to 85% LTV, 45% DTI SFR-4 Units
• Mortgage Insurance is Removed when LTV is 79.99% or less. 
• 40%-55% DTI depending on FICO, & LTV 
• Competitive Rates
• Flexible Terms (8-30 years)
• No Pre-Payment Penalties
• 30 year amortization 
• Ideal for primary purchases & Owner Occupied 
• Wage Earner (W2) or Self-Employed 
• SWT, MWT, Condo's, PUD's, SFR's, SFR 1-4 units 
• Close most loans in less than 19 days or less 
• Lowest Mortgage Insurance Cost in the Country 
• 2-3 Month Minimum Reserves, depending on automated finding

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HOPE STREET FUNDING

Licensed by the California Department of Real Estate/BRE: #2128366

Licensed by the National Mortgage Licensing #2040148

Equal Opportunity Lender 

Approved in California, Colorado and Florida.

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