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Posted: Fri Oct 16, 2009 8:36 pm Post subject: Co-signer PMI

My husband and I are in the process of buying and house FHA and 3% down. My grandmother just emailed saying that if we have a co-signer we don't need PMI is this true?

gmakerley · Posted: Sat Oct 17, 2009 8:35 am Post subject:

unless your grandmother works for hud, i am afraid to tell you that fha loans require mortgage insurance in all cases. if she's talking about private mortgage insurance being inapplicable for an fha loan (with or without cosigner), then that's true. all fha loans carry "mortgage insurance premium" - MIP in the parlance. there simply are no exceptions. cosigners, low ltv's, etc. make no difference. it's the law.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Also now the down payment requirments have changed

You will need 3.5% down and MIP of 1.75%

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Co-signer PMI