There are many ways to pay PMI:- LPMI - lender paid MI which is a fancy term for taking a bit higher rate to absorb the cost of monthly MI for the life of the mortgage, depending on your credit score it may take .125%- .50% more in rate to absorb your entire premium for the life of your loan- BPMI single premium- similar to the above it eliminates the monthly MI premium for the life of the loan but BP part of BPMI stands for "borrower paid," so as you might have guessed the borrower pays this premium in a cash sum at closing either from their own funds or seller concessions they've negotiated from a seller or a gift from their giftors -BPMI monthly or split premium - MI can also be paid as monthly MI which is the stereotypical way to pay MI and it can also be paid as a split premium or hybrid whereby the borrower pays a good chunk upfront to have a greatly reduced monthly MI payment.Most people take LPMI and absorb it through the rate via LPMI to eliminate MI for the life of the loan. 

I would love to gift it to her but we not that rich and that is why we want a formal agreement, just to cover our "investment".

If your in a big hurry , see if you can qualify for a FHA loan now and have a family member gift you the 3.5% down payment.

Any deposits over $500 have to be explained and gifts for the down payment on a house have limits and generally can only be received from a blood relative. 

I bought the property from a family member and they gifted me the equity to use as a down payment.

Upon death, real estate has a step up basis, hence you do not have to pay taxes on what your parents bought the property for unless they gifted or transferred the property before death.

Hello BP,Im looking for real estate attorney and insurance broker in the New haven County CT. If anyone used any of these professional before and experienced an exceptional service in a reasonable price please recomme...

I just got married, and would like to use the cash gifts my wife and I got to finally get my feet wet.

Not trying to cast a lot of doom and gloom on what is intended to be a very kind and generous gift but I'd hate to see anyone let along a newbie investor get stuck with a bag of worms right from the get go.

I gave each a gift card to help with Christmas gifts.