do I have to get the loan with PMI?I have a question about "prevailing rates, terms, and conditions". Our appraisal came lower but bank still agrees to give up to 95% of the appraised price, but with PMI. My question is am I required to get the loan with the PMI ? Initially, we promised a downpayment in dollar amount so there will be no PMI. The loan with PMI and our payment will be enough to cover the sales price. We have to get a rejection letter from the bank to quit the contract. We are buying a house in Florida from the FHAOctober 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.