Will my MIP payments be lower if I purchase a home at well under its appraised value?I'm considering the purchase of a bank-owned condo for about $60K and getting a 203(K) loan because it needs about $6K in cosmetic repairs. Once that's done, and based on the sale of other condos in the complex, it will be worth about $110K. Does that mean I'll get a break on the MIP, even if I make the minimum down payment of 3.5%?August 12 2013 - US0YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.