Does Private Mortgage Insurance change yearly?
I’m planning on buying a home and can only put 10% down. We are thinking about going with an CHFA loan, however there is an upfront fee of 1.75% of the principal balance that can be factored into the loan. This loan also has 1 point; so basically we are paying a 5% interest rate on 2.75 points. My question is will a CHFA loan be worth it if we are still paying 2.75 points and will the PMI remain at around .500% of our loan until we have 20% equity in the home?