When you’re buying a home or thinking of buying one, you’ll need to factor in many costs other than the home loan. If you’re not making a 20 percent down payment, and most people don’t, private mortgage insurance, or PMI, is at the top of the list of costs to consider.
Blog Category: private mortgage insurance
There seems to be Private Mortgage Insurance confusion. Getting a Conventional loan with less than a 20% down payment means paying Private Mortgage Insurance (PMI). And you should be aware that getting PMI has become much more complicated and more difficult.
It is almost impossible to get PMI for a 95% loan is most of the Washington DC Metro area, since most of DC is considered a “declining market”. You would likely have to have 10% down payment in the Washington DC area for a mortgage loan.
Is Private Mortgage Insurance tougher to get on condos? I almost feel like there is no more PMI (Private Mortgage Insurance) on condos! But that is not true, there is PMI availability for condos, but it is getting harder to get. Most people know by now that PMI is needed on a Conventional loan if you have less than 20% down payment.