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You didn’t pay PMI but you did pay a 1.5 origination fee on the loan that went to pay mortgage insurantce. You may have missed that but it is built into the cost of the loan. It was through the Calhafa program and Acorn simply put you in contact wiht one of the lenders affiliated wiht the program . If you doubt what I am saying you can visit http://www.calhfa.ca.gov and look under the unterest rates for the 40 year 10 year IO program.
40-Year Fixed Mortgage
This conventional first mortgage loan program is designed to enhance affordability and homeownership opportunities by offering a below market, fixed interest rate . This program is intended for first-time homebuyers who meet specified low and moderate income limits and who are purchasing a new or existing home anywhere in California.
How The Program Works
This program offers up to 100% financing of the home sales price within CalHFA’s defined sales price limits. This first mortgage loan may also be combined with CalHFA junior loan programs (except CHAP), for down payment and closing cost assistance, to make owning your first home more affordable.
