I’m under contract for a home at $395k. The idea is to use FHA financing with 3.5% down and refinance later to get rid of PMI.
Well we just got the appraisal back and it the house appraised for around $450.
This means though I’m putting 3.5% down on the $395k I should have around $50k of equity on the day of close
So here’s my question… can I use this to my advantage to remove PMI early? Or pay less MIP up front?