Approved FHA loan I want to put 25% down. What happens after that

[Christopher Jones]

Hello everyone. Okay so we've sold our house a few months ago and are renting now. We've decided to start buying and renting out properties within the time to come. We just spoke to a broker and got approved for up to 370k loan but its FHA. We have the money to pay 25% plus what ever closing costs comes within that price. My question is what happens if we decided to pay 25%? Do we still have an PMI payment? Where new investors. We think we know that because its FHA we will have to live in it for a minimum of 1 year before we can rent it out. Is that correct as well? Any and all help is much appreciated.