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With an FHA loan in Florida, if I have homeowners insurance, will I still have to pay PMI?

  • October 15 2013 - US
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Answers (7)

Unfortunately, yes. These are two separate things and you will still have to pay PMI if you choose to go with an FHA loan. First of all, have you been pre-qualified? If you have any other questions or need a loan, please contact me through the information on my profile page. I hope this helps and good luck!
  • October 16 2013
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Some of these questions make me think a Federal Home-Buyers license may be a good idea. 40 hours of courses, an exam, a background and credit check, etc....
  • October 15 2013
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Homeowners insurance is a policy that insures against damage to the property. PMI is something different. It is Private Mortgage Insurance and your lender can require it if you do not have enough of a down payment compared to the amount that you are borrowing. Be sure to discuss this with your lender.
  • October 15 2013
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Profile picture for CallTheSisters
Any loan with less than 80% down will require PMI for the life of the loan.

Homeowners insurance is protect you from loses due to fire, hurricane, theft, liability, and other calamities.
  • October 15 2013
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Amy Smits Team, "Amy Smits"-

The advise you just gave is incorrect! Please reread question!
Truican0126 asked about an FHA loan. Your answer is only applicable regarding conventional loans and FHA loans. 
  • October 15 2013
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Profile picture for Amy Smits
It really comes down to how much of a downpayment you are making. Based on the conditions of the loan, if your downpayment is sufficient, you won't have PMI. PMI is Private Mortgage Insurance and has nothing to do with the required homeowner's insurance your mortgage company will require. Private Mortgage Insurance is paid to an insurance policy that protects the bank in case you default on your loan. 
  • October 15 2013
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Yes. Having homeowners insurance doesn't negate paying Mortgage Insurance. Depending on the loan terms and LTV-You might be required to have MI for the lifetime of the loan.
  • October 15 2013
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