Quote:
Originally Posted by Pheonix
Lender paid PMI program is just the upfont PMI roll into the loan.
I was just giving the cliffnote version of PMI. You are correct, FHA is a bit more strict with their PMI but typically the PMI will be eliminated once you reached 78%-80% of the deal plus certain amount of payments (typically 60 months).
Look for a reputable broker that only pull your credit ONCE!
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No, that is not correct. LPMI programs do not have higher fees. You have the option to roll the PMI into the loan if you want on a PMI loan, but you can also do true LPMI programs where it just equates to a rate of usually around .125% higher
The FHA rules you are referring to changed a few years back. It is not 5 years plus 80% LTV, it is now 11 years to the life of the loan....either way an expensive loan, unless it is your only option.