If you have an FHA loan you're required to keep the PMI for the life of the loan regardless if you have 20%+ equity. You can resolve that by re-fi ing into a convential loan once you reach that percentage.
Also, when buying a home in a rural area you can check and see if the USDA supports it as a rural area. If they do, you can get a USDA loan up to 102% of the purchase price with no PMI.
|