3 Comments

1. minoltabrian says:
   May 7, 2010 at 3:29 am

   LTV = 80 and you have lived there at least 5 years. My PMI is listed seperate from my insurance/taxes. Some companies require you to request the PMI be removed when you hit the LTV<80 and you have made payments for at least 5 years.
2. Dizzy_Lizzy says:
   May 7, 2010 at 4:16 am

   You normally have to ask that PMI be removed.
3. annazzz1966 says:
   May 7, 2010 at 4:52 am

   So you have three questions:
   1) Do I get a break from paying taxes because I paid them a year in advance?

   -No, and if you were smart, you requested to open an escrow account with your servicer so those fees can be collected each month – PITI

   2) Do I have to pay PMI for an FHA Loan for the life of the loan?

   - No, just until you have paid 20% of the value of the home.

   3) Will the PMI be cancelled once the LTV reaches 80%?

   -If you want to remove PMI, you have to make that request in writing to you servicer only after you’ve paid that first 20%.