Single Pay Mortgage Insurance - PMI Upfront

[Julio Contreras]

Hello BP members!!!

Anyone know more about Single Pay Mortgage Insurance? I have read that you can pay all your PMI Upfront so you dont have to pay it monthly, thus making your total monthly mortgage payment smaller.

I am looking to buy a house to fix up and hold but dont have 20% down. Here in Los Angeles, 4 percent is around 12 grand depending on the price of the house. What I dont like is the PMI that is added each month. I reather add that to the mortgage and want to know if this is possible and how to go about it.

BP members, any ideas or has anyone done this before?