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From: Bruce Farrell
Category: General
Date: 7/8/2001
Time: 3:50:10 PM
If you have an FHA loan you will always pay PMI. If you have a conventional loan you need 20% down to avoid it. In some cases depending on the lender when you put less down you will stop paying it when you have reached 20% equity. Some laws have been introduced to do this everywhere regardless of lender but Have not yet been sucessful,but contact your mtg holder for their rule. Make sure the person you are speaking with is knowledgeable of the co. rules or ask for a supervisor or better yet, write them and get it in writing. I hope this helped you.....bruce