PMI

[RABQUE]

Yes this answers my question.....Thanks!

[Anonymous]

For a conventional loan with less then 20% downpayment. How long do it require to pay for the PMI? Do we pay the PMI everyear for the remaining of the morgage loan balance ?

[teton]

I believe your LTV needs to be 78% or less. For FHA loans, I believe you will have MI for a minimum of five years and longer if your LTV hasn't reached 78%. You would need to have an appraisal done to verify the LTV.

Message Edited by teton on 05-31-2009 04:04 PM