How Much Equity do I need for a Conventional Refinance. Borrowers can receive a conventional refinance with as little as 5 equity in their home. New owners who purchased with an FHA loan are turning to conventional refinances to reduce mortgage insurance costs. Conventional loans with less than 20 equity require private mortgage insurance, or PMI, which costs half of FHA mortgage insurance in some cases.
In addition, conventional PMI drops off when you reach 20 equity, while FHA mortgage insurance remains for the life of the loan. Borrowers with a conventional loan should look into the HARP refinance if they do not have 20 equity.
HARP does not require mortgage insurance at all, making it the cheaper option. For homeowners with 20 or more equity, the decision is easy. Conventional loans dont require upfront or ongoing mortgage insurance at this loan-to-value ratio.
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