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Yes there is in Colorado through CHFA, our housing authority. If you have a 700 credit score and 3.5% down, you qualify for a loan program that requires no PMI. I signed up for their program that required PMI but 3% of my downpayment was rolled into a second mortgage so I only needed 0.5% down that was covered by my earnest money.
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What is the PMI requirement for conventional?
Yes for FHA, you have to pay PMI for about 10 years if you pay nothing additional to principal. But the amount of PMI goes down every year and it can now be written off on your taxes along with interest and property taxes.
Where I live, the max home price for FHA is a little above $400K. Our home price was $347,900 and I did an FHA loan.
Yes for FHA, you have to pay PMI for about 10 years if you pay nothing additional to principal. But the amount of PMI goes down every year and it can now be written off on your taxes along with interest and property taxes.
Where I live, the max home price for FHA is a little above $400K. Our home price was $347,900 and I did an FHA loan.
Okay so the timeframe that PMI is required for conventional, is essentially the equivalent timeframe that it is required for FHA. So you are only losing out on the ability to write the bank at 20% LTV.
So if you put 22% down, the biggest differences for you between FHA and conventional are the financeable home price and the interest rate. Do you have a pretty high fico score...above 700?
So if you put 22% down, the biggest differences for you between FHA and conventional are the financeable home price and the interest rate. Do you have a pretty high fico score...above 700?
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