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ways to avoid pmi on a fha loan????

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Regular Contributor

ways to avoid pmi on a fha loan????

On the subject of PMI, I have a few questios.

1. Its there anything on the contract that requires PMI to be paid for x number of years even if the loan has been paid over %20
2. What can I do to avoid paying PMI to start with.
3. Can PMI be paid upfront to ovoid been finance into the loan.?
4. How about a Lender Paid Mortgage Insurance (LPMI) in which interest is tax deductible whereas PMI is not.?

Hope can help on this as my main goal is lower my mortgage payment and PMI is a nice chunk of that.

Thank you again for you help
Current Score: EQ 694(Fako), EX 676(Fako),TU 729
Goal Score: 750 across the board
Message 1 of 7
6 REPLIES
Valued Contributor

Re: ways to avoid pmi on a fha loan????

PMI is required on all new FHA mortgages you can pay it up front or monthly

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Message 2 of 7
Established Contributor

Re: ways to avoid pmi on a fha loan????

It is my understanding with FHA that PMI must be paid for 5 years, regardless of percentages.

Starting Score: 10/1/2011 EQ 568 TU 593
Current Score: EQ 664 TU 700 EX 701 (FAKO)

Message 3 of 7
Regular Contributor

Re: ways to avoid pmi on a fha loan????

OK thanks to all
Current Score: EQ 694(Fako), EX 676(Fako),TU 729
Goal Score: 750 across the board
Message 4 of 7
Valued Contributor

Re: ways to avoid pmi on a fha loan????

It's 5 years or when the loan reaches 78% LTV
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Message 5 of 7
Valued Contributor

Re: ways to avoid pmi on a fha loan????

Whichever is later
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Message 6 of 7
Regular Contributor

Re: ways to avoid pmi on a fha loan????

15yr FHA loans with 78% value do not have the monthy PMI, you still pay the upfront though.




In The Garden Until 11/01/15 - Last App 11/03/13
Message 7 of 7