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How Long Do You Pay PMI on an FHA Loan?

how much is pmi on an fha loan

by Dr. Eugenia Orr

Buying a house is still a good investment.

About PMI

PMI stands for Private Mortgage Insurance. PMI is required on mortgage loans when a home was purchased with less than a 20 percent down payment. This insurance protects the lender in the event the borrower defaults on the loan. The borrower pays a percentage monthly of the total financed loan amount. FHA loans required a 3.5 percent down payment, requiring PMI to be paid on the 96.5 percent loan-to-value amount. Currently the monthly PMI is 0.55 percent of the loan amount, but as of October 5, 2010, the rate will be 0.77 percent.

Other Fees Associated

With PMI

Automatic Cancellation

Requesting Cancellation

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