03-18-2003, 11:45 PM
Quote:Unless it's different from state to state, it's 20% equity to forgo the PMI.It may vary from state to state, but my loan was an FHA loan, so that may be why it's higher as well.
Quote:I heard something about 100% financing too. As long as your credit is good, you shouldn't have much of a problem.Exactly. I put less than 5% down on my house. My credit is excellent. I had to get the FHA loan because (a) my low downpayment and (b) I had a high debt to income ratio, so I couldn't qualify for a "conventional" loan.
I refinanced into a conventional loan at lower interest in December of 2001, 18 months after buying through FHA.
I wouldn't rent again EVER. When you own, you're in control...when you rent, the landlord is.