Changes to private mortgage insurance (PMI), are coming on April 1, 2013, and May 6, 2013. In April a minor adjustment to cost will take place. But the dagger in the hearts of subprime borrowers everywhere takes place on May 6. On that day, all mortgages with less than 10 percent down (all FHA 3 percent mortgages are included), will require PMI for the life of the loan.There's more:
PMI has been required for 5 years. It will be required for the life of the loan for less than 10 percent down and 11 years for 10 percent to 19 percent.Just a reminder.