If you put down less than 20% on a conventional loan, you must pay .
: PMI protects the lender, not you, if you default on the loan.
: Available to eligible veterans and service members, these often require 0% down and no monthly mortgage insurance.
: On conventional loans, you can usually request to cancel PMI once you reach 20% equity in the home. FHA loans, however, often require mortgage insurance for the life of the loan. What is Private Mortgage Insurance (PMI)? - Real Genius