04-03-2009, 08:23 PM
from the FAQ:
You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house,
nothing about the 80% but I did read that when this was first introduced about a month ago.
14.
Will I need mortgage insurance?
If your existing loan has private mortgage insurance, you will need the same amount of insurance coverage for the refinanced loan. If your existing loan does not have private mortgage insurance it will not be required as part of the Home Affordable Refinance.
also, doesn't say that you must take the PMI, but again the 80% creeps into the picture because PMI was not required of those putting 20% or more down on the original mortgage. again, that is me :-(
You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house,
nothing about the 80% but I did read that when this was first introduced about a month ago.
14.
Will I need mortgage insurance?
If your existing loan has private mortgage insurance, you will need the same amount of insurance coverage for the refinanced loan. If your existing loan does not have private mortgage insurance it will not be required as part of the Home Affordable Refinance.
also, doesn't say that you must take the PMI, but again the 80% creeps into the picture because PMI was not required of those putting 20% or more down on the original mortgage. again, that is me :-(