Updated over 11 years ago on . Most recent reply
Confused about PMI...and how to avoid it...?
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?
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Wayne Brooks
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Wayne Brooks#1 Foreclosures Contributor
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- Real Estate Professional
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FHA has MIP now, on all loans, and it stays forever. Conventional hasn't changed.