Fannie Mae Homestyle Renovation PMI

[Richard Blakesley]

Hello,

I have read everything I can about this loan and have a question about pmi. I am working with a great mortgage person but in my process of buying a hud home that there was after damage and it has been a month of waiting for a hud response and I am not sure what direction we are going to have to go, I dont want to start asking questions about a loan that may not even work, but want to be prepared to move quickly when the time comes. So.. with that said. If I buy a rehab property for $150,000 and i put 5% down and pay the rehab costs out of my own money and the after repair value is $200,000 or more. Is PMI still required? Thank You!