Interest rates remain near historic lows. Speak with one of our mortgage experts today to see how much you would qualify for!

Do I have to pay mortgage insurance for the life of the loan?

The answer is: Yes, and No. It ultimately depends upon whether you use conventional or nonconventional financing. See below:

  • Fannie Mae (Conventional): Private Mortgage Insurance (PMI) will drop off once the loan balance reaches 78% of the original purchase price.
  • Freddie Mac (Conventional): Private Mortgage Insurance (PMI) will drop off once the loan balance reaches 78% of the original purchase price.
  • FHA: Mortgage Insurance (MI) will remain for the life of the loan. There are a couple circumstances when FHA MI will drop off after 11 years. Please Contact a mortgage expert for more info.
  • USDA: Mortgage Insurance (MI) will remain for the life of the loan.
  • VA: Mortgage Insurance (MI) will remain for the life of the loan.

 

Have more questions? Download our eBook of the most popular mortgage FAQs
for more helpful information!

 

To learn more about specific mortgage requirements, be sure to speak with an experience mortgage broker.

 

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