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Message
re: Question About PMI/Home Buying (Update on pg 3)
Posted on 4/10/13 at 11:12 am to LETSGEAUX2
Posted on 4/10/13 at 11:12 am to LETSGEAUX2
quote:
what are my other options?
An FHA loan requires 3.5% down. USDA Rural Development loans are 0 down but might not be available in your area.
quote:
If I put down 10%, how much will I be paying on PMI?
I believe PMI is a fixed rate based on the loan amount.
quote:
Once I hit 20%, will the PMI automatically fall off?
With FHA, you have to pay it for the life of the mortgage and even if you go conventional, it's not automatic. You'd have to talk to your lender/servicer and possibly get an appraisal done.
You definitely have options to get out of there ASAP, but the question is how badly you want/need to move.
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