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Reply to "mortgage with no pmi and 5% down?"
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[quote=Anonymous][quote=Anonymous]I wasn't able to find this either. I actually had 18% down, credit scores of 805 and couldn't get anything without PMI. The best they could offer me was a higher interest rate which I didn't want. I was also told that PMI NEVER goes away anymore. You need to refinance once you reach 20% to make it go away. [/quote] PMI goes away once you reach 20% equity if you have a conventional loan. It never goes away for FHA loans, unless you refinance. Although, if you have a low interest FHA loan and plan to sell soonish you might want to keep it - FHA interest rates can be inherited by the next buyer and because interest rates are going up, that might be a good selling point. I don't pay PMI because after credits, tax abatements, seller paid closing, etc, that we used leftover cash at closing to pay down the PMI and I have a conventional loan.[/quote]
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