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lucky_ducker t1_iydjwv0 wrote

Reply to comment by Eldengames in Trying to Buy First House But Feel Like My Loan Just Isn't Right by Eldengames

Conventional loans (generally) require the equivalent PMI if your down payment is less than 20%. Most of them allow you to drop the PMI once your loan balance is less than 78% of appraised value, or in some cases, the original purchase price.

I originally financed FHA in 2007 (only did 3.5% down) and in 2020 refinanced into a conventional loan at 2.5%. No PMI or MIP now.

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