Loans, a review of the basics
Fortunately, when you have gained equity in your home (you'll need 20 to 22 percent) you can request that the PMI be cancelled. Similar to this arrangement is an FHA loan, which is a loan insured by the government. With a government insured FHA loan, you may be able to qualify for a mortgage with a down payment of just 3 percent or more. These government insured loans require specific standards be met in order to qualify, and these standards can vary county to county. Check with your loan officer or mortgage broker to see if you are eligible.