https://ficoforums.myfico.com/t5/Mortgage-Loans/PMI-Question/m-p/189121#M10323 <DIV>A little late on my response but mortgage insurance (MI) companies are requiring a minimum of a 620 score for conventional loans these days.&nbsp; The monthly MI rate is determined by the loan-to-value, loan amount, type of transaction (refi vs. purchase), loan term (ARM, 15-year fixed, 30-year fixed, etc.)&nbsp;and credit score.</DIV><DIV>&nbsp;</DIV><DIV>FHA's MI is still not score based.&nbsp; FHA charges a monthly MI rate of .5% on all loans except for in the situation where the term is 15 years or less and the loan-to-value is 90% or below... so someone taking out a 15-year fixed FHA loan at 90% LTV would not have monthly MI.</DIV> Tue, 25 Mar 2008 00:02:50 GMT ShanetheMortgageMan 2008-03-25T00:02:50Z https://ficoforums.myfico.com/t5/Mortgage-Loans/PMI-Question/m-p/169732#M9054 <DIV></DIV><DIV>We were pre approved for a mortgage in early Feb. and our mid score was 619 it has taken a small jump to that next tier of 620.&nbsp; Will this lower our PMI rate? and how much? I don't think it will help too much on the interest rate. Hopefully more things will update before we close by March 14th and get us to maybe 625 to 630 range.</DIV><BR /><BR />Message Edited by tex on <SPAN class="date_text">03-03-2008</SPAN> <SPAN class="time_text">01:12 PM</SPAN> Mon, 03 Mar 2008 21:12:01 GMT https://ficoforums.myfico.com/t5/Mortgage-Loans/PMI-Question/m-p/169732#M9054 tex 2008-03-03T21:12:01Z https://ficoforums.myfico.com/t5/Mortgage-Loans/PMI-Question/m-p/189121#M10323 <DIV>A little late on my response but mortgage insurance (MI) companies are requiring a minimum of a 620 score for conventional loans these days.&nbsp; The monthly MI rate is determined by the loan-to-value, loan amount, type of transaction (refi vs. purchase), loan term (ARM, 15-year fixed, 30-year fixed, etc.)&nbsp;and credit score.</DIV><DIV>&nbsp;</DIV><DIV>FHA's MI is still not score based.&nbsp; FHA charges a monthly MI rate of .5% on all loans except for in the situation where the term is 15 years or less and the loan-to-value is 90% or below... so someone taking out a 15-year fixed FHA loan at 90% LTV would not have monthly MI.</DIV> Tue, 25 Mar 2008 00:02:50 GMT https://ficoforums.myfico.com/t5/Mortgage-Loans/PMI-Question/m-p/189121#M10323 ShanetheMortgageMan 2008-03-25T00:02:50Z