Conventional loans are mortgages that are not backed by the federal government. Some require as little as 3% down, but private mortgage insurance (PMI) is needed if the down payment is under 20%. There are two types of conventional loans: 🏠 Conforming loans: Must stay within loan limit...
PMI is a temporary surcharge you pay until your mortgage balance reaches 80% of the appraised value. You could hit that milestone sooner if you make extra payments or the value of your home has grown. However, you’ll need a new home appraisal to prove its value. Get rid of FHA ...