Well, I am technically right. There is not PMI on FHA loans; there is FHA mortgage insurance. Which is cheaper than PMI for people that only have 3% down payments. Yes, with 10% or 15% equity PMI is cheaper than FHA insurance. But the fact is that most mortgage brokers do not know or choose to not tell their “victims” of the best loan in many cases. Plus not many have 10% to buy a house with that do not come to this blog. Many here actually have 20%(Crazy housing bubble people 😉 ).
I personally think a 3% down payment is an awful idea, but it is better than a 0% down payment.
