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Paying PMI Upfront?

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tim2
Contributor
‎02-13-2012 05:28 PM
‎02-13-2012 05:28 PM

Paying PMI Upfront?

Has anyone ever heard of paying PMI upfront instead of paying it monthly?  Can you do that with both FHA and conventional loans?  Is it a certain percentage of the purchase price or how is that calculated?

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cdtotten
Established Contributor
‎02-13-2012 06:23 PM
‎02-13-2012 06:23 PM

Re: Paying PMI Upfront?

FHA - no.. You must pay upfront and monthly.

 

Conventional - Yes. Some MI companies will offer upfront only instead of monthly payments. It is typically in the 2-3% range.

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