Mortgage Loans

[amaurym]

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

[beb86]

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

[thankfulheart]

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

[amaurym]

OK thanks to all

[beb86]

It's 5 years or when the loan reaches 78% LTV

[beb86]

Whichever is later

[cclee]

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