Best of Luck,
century 21 tenace
3.5% down on a $153k sales price would result in a loan amount of $147,645. 1.15% of that is $1,697.92, divided over 12 months equals $141.49/mo. That is why you are being charged ~$140/mo for MI.
Also understand that it is not PMI. It is MI. PMI means private mortgage insurance, as in a 3rd party private company insuring the loan. FHA is self-insured, so it's just mortgage insurance.