Do I need to pay for PMI?
I started a new business last year and the income is good. I plan to buy a new home using an FHA loan but I am not familiar with the guidelines. Does the home need to be owner occupied? How much down payment should I prepare? Do I need to pay for PMI? by frederic34 from Aliso Viejo, California. Mar 25th 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
FHA loans are owner occupied only. All FHA loans have mortgage insurance, regardless of the down payment size. Lenders will usually look at putting you into a conventional loan first, then FHA if needed. Conventional starts at 3% down, and FHA at 3.50%. Contact a local mortgage broker for more information. I lend in Minnesota, Wisconsin, Iowa, North Dakota, and South Dakota. Find me at JoeMetzler.com - Cambria Mortgage, NMLS 274132
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