Home Loans Rancho Cucamonga, CA

How can I refinance my FHA loan to remove the monthly mortgage insurance in California?

September 1st, 2014 4:59 PM by Nathan Rufty

Can you image not having to pay FHA mortgage insurance anymore on your California property? With the equity that we have experienceRemove my FHA mortgage insuranced in the past 12 months here in California, you may have the equity in your home to removethe FHA monthly mortgage insurance and start saving that payment. If you purchased a home that required mortgage insurance, now may be the time to remove the MI to reduce your overall mortgage payment.

The mortgage insurance may not be tax deductible in the future, need to check with your tax preparer on what you can write off on your taxes, deductions change from year to year, he or she will be the best person to turn to ensure proper tax filings.

We can explore the equity in your home to see if you have the required value to eliminate mortgage insurance. The benefits of removing MI can be, reduce the term of your loan, paying it off earlier, replace the mortgage insurance payment with cash in hand to pay off debt or do some need home improvement, the list can go on and on what you can do with the extra money. 

The FHA loan program where there to get you into the home and now the conventional loan is here to get you out of the the FHA program to remove the monthly mortgage insurance. You will need to qualify with the conventional loan with 3 parts, income (debt to income ratio), credit scores (higher the better) and equity in your home (at least have a 95% loan to value). 

You need to definitely call me if your FHA case number was issued after June 3rd of 2013, that is when the mortgage insurance will remain through the term of the loan if you put less than 10% down payment when you purchased your home utilizing the FHA home loan program.

It is time to cut out that payment and place yourself on some stable long term financing. Does not hurt to explore this option, at least you will know if you can refinance at this point or will need to wait a little longer for the equity to increase or work on your credit is the scores are not as strong as they should be, I will advise you on status of the refinance.

Stop paying and start saving, call me at 909-503-5600 or email and let's see your options on refinancing out of the FHA home loan and into a conventional fix program.
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Posted by Nathan Rufty on September 1st, 2014 4:59 PM

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