Avoid PMI with a Brand Mortgage Piggy Back Loan.
In case you have not heard, the new FHA MI Premium that took effect April 1, 2013 for all FHA buyers. This increase was due in an effort to further strengthen the Mutual Mortgage Insurance Fund (MMI Fund).
Effective with any new case number issued after April 1, 2013 the Annual MIP will be required on all loans with a LTV greater than 90%. MIP will be in force for the life of the loan. (This is a big change)
For traditional purchases or refinances with a 15 year or less term and below 78% LTV, the effective date June 3, 2013.
The new FHA MI Premium
BUT YOU HAVE OPTIONS!
NO MI OPTION
80/10/10 or 80/15/5 Loan Programs