FHA 203B Refi Question (NJ Single Family)
Homeowner with low FICO in need of a cash out refi. Was told that FHA 203B way to go. 70% LTV, 30 year payout, 5.25% zero points.
Was told that despite 70%LTV, MIP required for minimum 39 months.
Is this acurate? Also, appraisal will cost $375. This seems high, too.
I've no experience in FHA loans. Does this seem legit?
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