Originally Posted by suited
If you're not putting 20% down, it's likely an FHA loan which comes with monthly fees, the same concept as PMI, but it's not called "PMI." My guess is that he's playing a word game.
Well, this is the information I have. I'll know more in a few hours:
HomeBuyers Choice 30 Year
Assumes a down payment of $0. Ideal for the first-time homebuyer. A fixed interest rate with no money down and no PMI. HomeBuyer's Choice conforming loans are subject to an additional 1.75% funding fee, which may be financed up to a max LTV of 101.75%. Get the security of a stable interest rate for the life of the loan.
(There are varying interest rates, which can be had for varying amounts of points, up to 2 percent. Origination fee of 1 percent.)