I'm fairly positive its 20% to avoid PMI.
I was told 10% on a 15 year fha ad 20% on a30 year fha. I hope this heps!
22% on a 15yr fha
Wow everyone is all over the place here...
The answer is...on a 30 year FHA loan, you have to pay a MINIMUM of 5 years PMI AND have a loan-to-value of 78%. The key word there is "AND", notice it's not "or". This means it does not matter how much you put down, you have to pay PMI.
Wit a 15 years FHA loan, I believe you can avoid PMI with a 78% LTV (so 22% down payment?) but I'm not too certain on that, never looked into 15 year loans.
Yes, that is correct, it does not matter what the down payment or the LTV is...even if it's 78% right off the bat. If you go FHA, you have to pay a minimum of 5 years of PMI, at least that's how I understood it from the research I did.
As for your state's program, not sure, maybe they have a certain agreement with FHA.