FHA to Conventional

[kylemoney]

Hi all. The wife and I have a 30 yr FHA @ 3.75. PMI is $172/month and looking to get rid of it. There's alot of mortgage sites out there and it's a little overwhelming. Mortgage left is 249k, zillow/realtor says 265k value, haven't gotten appraised since closing. it's a new build we are 1 year in. AGI is over 100k so PMI starts to be phased out for tax purposes.

Are there conventional refi's where we don't have to come out of pocket that much/closing costs? Looking to get the PMI off. I have a refi fund that I am adding to dump a bunch down but won't have a hefty amount for another few years.

Thanks!

[ShoulderThingThatGoesUp]

1 year after build your value is probably lower than when you bought it. You need what, $37k to get rid of PMI? Why is that so hard with an AGI over $100k?

[forummm]

Yeah, you should be able to save quite a bit with >$100k coming in.

You might also look into a piggyback loan (or whatever they call those now) where you get a standard 30 year fixed rate low interest mortgage for 75% or 80% LTV and then a smaller loan (at a higher interest rate) for the balance. And then you could pay off the supplemental loan quickly.