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FHA Loans for First Time Buyers
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PMI dropping off “automatically” is kind of a myth in my experience. Lenders are supposed to remove it at 78% LTV, but they don’t exactly rush to do it. I had to send in paperwork and get a new appraisal, which felt like a hassle. As for FHA, I get the appeal—lower barrier to entry, especially if you’re itching to buy. But those mortgage insurance premiums stick around unless you refi, and that adds up. Personally, I’d rather wait and save for a bigger down payment if you can swing it, but I know that’s not always realistic with how fast prices move. It’s a trade-off either way.
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