in need of info regarding PMI

[cobeachgirl]

Does the FHA have a different requirement, time length, specifically, that you have to keep the PMI? Or, is it until you have that magic LTV ratio? Sorry, I can't remember the number exactly, but it's something like having 20% equity in your home. I thought I read somewhere that FHA requires you to keep it for 5 years.

[renriq02]

5yrs or 78% LTV.

Most lenders require 78% ltv on conventional....not 80%

Originally Posted by cobeachgirl

Does the FHA have a different requirement, time length, specifically, that you have to keep the PMI? Or, is it until you have that magic LTV ratio? Sorry, I can't remember the number exactly, but it's something like having 20% equity in your home. I thought I read somewhere that FHA requires you to keep it for 5 years.

[cobeachgirl]

Thanks a lot renriq02!! I'm sure I will have more questions as we get more into our loan process. We just turned in our loan app today and will probably go FHA since we don't have a ton of money to put down.