Tag Archive : PMI

4 ways to use PMI to beat FHA mortgage insurance with a Conventional Loan

       CONVENTIONAL Loans / FHA, VA & Conventional Related

  When you put down less than 20% of the purchase price, Conventional loans (those backed by Fannie Mae or Freddie Mac) require Private Mortgage Insurance (PMI). Before we look at ways to manage the PMI imposed on you, it’s important to know that (Conventional) PMI is a different animal to the Mortgage Insurance that comes with FHA loans. And…… Read More »

Some Better News About Private Mortgage Insurance (PMI) !

       CONVENTIONAL Loans / FHA, VA & Conventional Related / General / Latest News & Updates

Private Mortgage Insurance (PMI) is a necessary evil when you borrow more than 80% on a Conventional loan. But in 2007 the Govt. passed the Mortgage Forgiveness Debt Relief Act which allowed PMI to be tax deductible if you fit certain income criteria. Unfortunately that Rule expired in 2011 which meant in 2012 homeowners couldn’t write off PMI as a…… Read More »