Is PMI on an USDA Rurual Development loan for the life of the Loan?
Added (1). USDA RD loans originally didn't require PMI. I believe that changed in 2012. In 2014 PMI changed from being required of lenders to automatically remove PMI after 78% equity was reach for FHA's to PMI being required for the entire life of the loan.
I am wondering if USDA RD loans were included in the 2014 change and require PMI for the whole life of the loan.
Added (2). Currently USDA RD loans require both:
1) a 2% upfront Mortgage Insurance premium ( that can be rolled into the loan)
2) a.40% annual PMI (based off remaining principal)
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Is PMI on an USDA Rurual Development loan for the life of the Loan?