I am buying a house for 190,000 how much do I need down not to pay MPI?

Question

I am buying a house for 190,000 how much do I need down not to pay MPI?

Answer 1

usually between 20 and 30%.

Answer 2

20% down payment

20% x 190,000 = 38,000

If you don't have that much, you can buy anyway and pay MPI, but later when you build up enough equity (20% worth), you can get your house re-appraised and send the info to the lender to request cancelling the MPI.

Answer 3

in most cases "paulcrsm" is exactly right.  There may be a few loan products available that don't charge you mip, but you'll be paying it in a higher interest rate, which doesn't go away after you've reached 80% loan to value.

Answer 4

while paul is correct on what he has stated. it really depends on the program you go through.  FHA's mortgage insurance has coverted to risk based pricing this week.  This means that the riskier the loan is, the more you pay, the less risk, the less you pay, but if amortize over 15 years, with FHA you don't pay the upfront portion.

Answer 5

$38,000