fha 203k consultant ceres: Do I have to pay PMI on my renovation loan?
- 07/06/14 02:02 PM
Yes, and NO.
Yes if you are going with the FHA 203k program, and NO if you are going with the Fannie Mae HomeStyle Renovation program.
If your client it purchasing a home or refinancing a home and wanting money to make improvements and has that little extra down payment and good credit the HomeStyle Renovation program is by far a better program for your client.
PMI can be a major monthly expense but if your client has poor credit or just doesn't have the larger down payment it may be a necessary evil. I hear the PMI can be $400-600 more per month.
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Yes, and NO. 
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