Buying A House With Less Than 20 Down -

: PMI protects the lender, not you, if you default on the loan.

: On conventional loans, you can usually request to cancel PMI once you reach 20% equity in the home. FHA loans, however, often require mortgage insurance for the life of the loan. What is Private Mortgage Insurance (PMI)? - Real Genius buying a house with less than 20 down

: Aimed at rural and suburban homebuyers with low-to-moderate incomes, these also offer 0% down . The Role of Mortgage Insurance : PMI protects the lender, not you, if

: Usually ranges from 0.5% to 1.5% of the loan amount annually, added to your monthly payment. What is Private Mortgage Insurance (PMI)

Lenders offer several programs designed for buyers who cannot or choose not to meet the 20% threshold:

: Backed by the Federal Housing Administration, these require only 3.5% down and are more flexible for those with lower credit scores (minimum 580).