Oscarsm8, Home Buyer in Logan Circle/ Shaw,...

What is pmi for conventinal loan, 5% down payment in riverside county california. Loan amount = $420, 000. What is PMI for FHA loan 3.5% down.

Asked by Oscarsm8, Logan Circle/ Shaw, Washington, DC Sat Jan 21, 2012

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You won't get PMI with 5% jumbo money. Jumbo is any loan over 417k. At least I have never seen it. You only have to go down 3k in loan amount. Anyway on FHA it's pretty straightforward. 1% upfront that is usually financed in. Your monthly MI is 1.10% if you put 5% down. I have heard rumors this will change at some point this year.

Conventional is different and depends on several factors. Credit, type of home and DTI just to name a few.
You should have a loan officer compare FHA to conventional. There are also many different ways to pay for the MI. Monthly or a buyout are a few of the options. Again a good loan officer should be able to walk you thru the options, explain them to you and show you the best way to do it for you. Not what's easier for the loan officer. Hope this helps and please let me know if you need more information.

Brent Mendelson
Senior Loan Officer
Monarch Mortgage
600 Jefferson Plaza, Suite 400
Rockville, MD 20852
240-403-1970 Direct
301-412-0259 Cell
0 votes Thank Flag Link Tue Jan 24, 2012
I'm not sure how accurate this site it, but I've used it to get a rough estimate of the costs associated with an FHA mortgage:

0 votes Thank Flag Link Sun Jan 22, 2012
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