PMI with an FHA loan
I'm not sure if this qualifies as creative nonetheless... just a curious question can someone with an FHA loan also use PMI on TOP of the loan??
The reason why I am asking is because I'm looking at fourplexs in my area and it seems the average price is $ 200,000. The the lowest downpayment FHA loans allow is 3.5%), so I would need $ 7,000 cash not including closing cost. Saving around 10,000 would take me twos so if I'm able to get by with a lower down payment I will gladly do so..
I understand concerns that the lower the down payment the bigger your mortgage and that banks offering low money down loans partly caused the recession.... But I don't believe those risk apply to me because I plan be an owner occupant, I have a pretty good credit score (720) and a combine income with my spouse of 70K (no children yet).