02-16-2013 05:40 PM
02-16-2013 06:33 PM
02-17-2013 07:51 AM
Wow everyone is all over the place here...
The answer is...on a 30 year FHA loan, you have to pay a MINIMUM of 5 years PMI AND have a loan-to-value of 78%. The key word there is "AND", notice it's not "or". This means it does not matter how much you put down, you have to pay PMI.
Wit a 15 years FHA loan, I believe you can avoid PMI with a 78% LTV (so 22% down payment?) but I'm not too certain on that, never looked into 15 year loans.
02-17-2013 08:12 AM
02-17-2013 07:42 PM
Yes, that is correct, it does not matter what the down payment or the LTV is...even if it's 78% right off the bat. If you go FHA, you have to pay a minimum of 5 years of PMI, at least that's how I understood it from the research I did.
As for your state's program, not sure, maybe they have a certain agreement with FHA.
02-17-2013 09:05 PM