Confused about PMI...and how to avoid it...?

[James Mudd]

Hello all,

So...as I am researching the topic on PMI, I am coming up with conflicting responses. I am looking at a 3.5% (30 year) owner-occupied FHA loan for a duplex in Dallas.

From what I understand...is that, you will have to purchase PMI for loans for anything less than 20% down. I also read that some rules changed and now the PMI can NEVER be removed (even after 80% LTV is reached)

Is this correct?...and how much is PMI costing?

[Wayne Brooks]

FHA has MIP now, on all loans, and it stays forever. Conventional hasn't changed.