Home Possible Single Payment PMI

[Jacob Rogers]

Hi BP Community! I am submitting an offer on a duplex in my market as an owner occupant. I am looking to make a low down payment (3-5%) and so the obvious choice was FHA. However, I don't like the idea of paying PMI for the length of the loan, as well as having an upfront fee. I saw that the Freddie Mac Home Possible loan is available for 2-4 units with a 5% down loan. I also saw from looking online that if you have PMI, you can have the option to pay a single payment upfront at closing and get rid of the monthly PMI. Does anyone have any experience dealing with this or know if you can do this with this loan program? Thanks!