What Is Mortgage Insurance or PMI? A Delaware Buyer’s Guide
Quick answer: Mortgage insurance protects the lender, not you, if a loan is not repaid – and it is what lets you buy with less than 20% down. Conventional loans use private mortgage insurance (PMI), FHA and USDA use their own insurance or guarantee fees, and VA charges no monthly mortgage insurance at all. Cost and removal rules depend on the loan program. Current as of June 2026.
If you are buying a home in Delaware with less than 20% down, you have probably run into the term “mortgage insurance” or “PMI” and wondered what it actually buys you. Here is the short version: it does not protect you, your house, or your family – it protects the lender against a loss if the loan is not repaid. In exchange, it lets you get into a home years sooner than you could if you had to save a full 20% first. I’m John Thomas, NMLS #38783, and I have helped Delaware and Maryland buyers weigh this trade-off for more than 20 years. Mortgage insurance is also one piece of your total monthly mortgage payment, so it pays to understand how it works before you lock in a program.
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Table of Contents
Why Do Lenders Require Mortgage Insurance?
Mortgage lenders generally do not want to lend more than about 80% of a home’s value without a backstop, because a higher loan-to-value ratio carries more risk over the life of the loan. Loan-to-value (LTV) is simply your loan amount divided by the home’s value (loan amount ÷ home value = LTV), so a $285,000 loan on a $300,000 home is a 95% LTV. Mortgage insurance offsets the lender’s risk on higher-LTV loans. It is a policy that reimburses the lender for a portion of the loss if a borrower stops paying and the loan goes into default. Because the lender’s risk is covered, you are allowed to put down less than 20% – so it creates a workable arrangement for both sides: the lender is protected, and you get to buy a home without a five-figure or six-figure down payment sitting in the bank first.
People often shorten “mortgage insurance” to “PMI,” which stands for private mortgage insurance. Technically, PMI is the term for the coverage on conventional loans (it is issued by a private insurance company). Government loans – FHA, USDA, and VA – have their own versions with different names and rules. In everyday conversation the terms get used interchangeably, but the distinction matters because the cost, the cancellation rules, and even whether you pay it at all depend entirely on the loan type.
When Do You Have to Pay Mortgage Insurance?
Whether you pay mortgage insurance – and how much – depends on the type of mortgage you use. The rules for the cost, the duration, and your options to remove or buy it out are different for conventional, FHA, VA, and USDA loans. As a general rule, the less you put down and the higher your loan-to-value, the more likely mortgage insurance is part of the picture. Below is a summary of how each loan type handles it, followed by a side-by-side comparison.
Mortgage Insurance Rules by Loan Type
FHA loan mortgage insurance requirements
FHA mortgage insurance has two parts: a one-time upfront premium (UFMIP) and an annual premium paid monthly. FHA loans require mortgage insurance on every FHA loan, regardless of how much you put down, and the annual factor is the same no matter your credit score. FHA mortgage insurance has two parts. First, there is an upfront mortgage insurance premium (UFMIP) of 1.75% of the loan amount, which can be financed into the loan or paid at closing. Second, there is an annual MIP that is collected monthly. The annual factor depends on your loan term, loan amount, and down payment; as of 2026 it is in the range of roughly 0.50% to 0.55% for most 30-year FHA loans, but HUD adjusts these factors from time to time, so confirm the current factor that applies to your scenario at application.
How long FHA mortgage insurance stays on the loan depends on your down payment. If you put down less than 10%, the annual MIP generally stays for the life of the loan (you would remove it by refinancing into a conventional or VA loan once you have enough equity). If you put down 10% or more, the annual MIP drops off after 11 years. One advantage of FHA mortgage insurance: the monthly portion is recalculated every 12 payments against your declining balance, so the monthly MIP amount typically goes down a little each year.
VA loan mortgage insurance requirements
VA loans for eligible veterans and service members do not require monthly mortgage insurance at all, which is one of the biggest advantages of the program. A qualified veteran can finance up to 100% of the purchase price without paying anything extra each month for mortgage insurance, because the VA guarantees a portion of the loan on the veteran’s behalf. Instead of mortgage insurance, the VA charges a one-time funding fee, which can usually be financed into the loan. The funding fee amount depends on factors like whether it is your first VA loan use, how much you put down, and the loan’s purpose. Veterans with a service-connected disability rating are generally exempt from the funding fee entirely – confirm your specific exemption status when you apply.
USDA loan mortgage insurance requirements
USDA Rural Housing loans allow 100% financing (0% down) in eligible areas. Many addresses in Kent and Sussex County may be eligible, but eligibility is set by the property’s location, so confirm the specific home on the current USDA eligibility map. USDA charges two fees in place of traditional mortgage insurance: an upfront guarantee fee of 1% (which can be financed into the loan) and a small annual fee of about 0.35% collected monthly, the same regardless of credit score. As of 2026 those are the published USDA guarantee-fee figures, but confirm the current fees at application. Like FHA, the USDA annual fee generally stays for the life of the loan and is typically removed by refinancing into a conventional or VA loan once you have built enough equity.
Conventional loan mortgage insurance requirements
Conventional loans use private mortgage insurance (PMI) obtained from a private company – which is where the “PMI” name comes from. Conventional PMI uses risk-based pricing, so the premium can change based on your credit score, loan-to-value, occupancy, loan term, and other risk factors. The higher your credit score, the cheaper the PMI tends to be; the lower your score, the more expensive it tends to be. Conventional loans charge no upfront funding fee or guarantee fee like the government-insured programs, the PMI is generally cheaper the more you put down, and no PMI is required at all if you put down 20% or more. Conventional PMI is also the easiest to get rid of – it can fall off automatically as you build equity, which we cover in the removal section below.
| Loan type | Upfront fee | Monthly mortgage insurance | Priced on credit score? | How long it lasts |
|---|---|---|---|---|
| Conventional | None | Typically, if under 20% down | Yes | Falls off at 78% LTV (or sooner on request) |
| FHA | 1.75% UFMIP | Yes, on every loan | No | Life of loan if under 10% down; 11 years if 10%+ down |
| VA | Funding fee (often financed) | None | No | No monthly MI to remove |
| USDA | 1% upfront guarantee fee | Yes, small annual fee | No | Life of loan (remove by refinancing) |
PMI vs. MIP vs. Homeowners Insurance vs. Mortgage Protection Insurance
Several different “insurances” come up during a home purchase, and they are easy to mix up because they share the word “insurance” but do completely different jobs. Here is how they compare.
| Coverage | Who it protects | When it applies | Is it required? |
|---|---|---|---|
| PMI (private mortgage insurance) | The lender | Conventional loans with less than 20% down | Yes, until you reach the equity threshold |
| FHA MIP / USDA fee | The lender (via the government program) | FHA and USDA loans | Yes, on those programs |
| Homeowners (hazard) insurance | You and your property | Every mortgage | Yes, lenders require it |
| Mortgage protection insurance (MPI) | You and your family | Optional life/disability-style product that pays the loan if you die or are disabled | No – it is optional and unrelated to PMI |
What this means for you: the only ones tied to your down payment are PMI (conventional) and FHA MIP / USDA fees. Homeowners insurance protects your house no matter how much you put down. Mortgage protection insurance is a separate, optional life-insurance-style product sold by insurers – it is not the same as PMI, and a comparison of MPI against other life or disability products is a question for a licensed insurance agent, not a mortgage decision.
How Conventional PMI Can Be Paid
The three-letter abbreviations BPMI, LPMI, and SPMI are conventional-loan terms – they describe the ways private mortgage insurance can be paid. FHA and USDA do not use these labels; their mortgage insurance is a borrower-paid monthly structure (FHA’s MIP and USDA’s annual fee) that works like the first option below but goes by a different name. On a conventional loan, there are four common ways PMI can be paid:
- Borrower-Paid Mortgage Insurance (BPMI), monthly – the most common option. The premium is added to your monthly mortgage payment and cancels as you build equity. FHA and USDA mortgage insurance is structured this same monthly way, though it is called MIP or the annual fee rather than BPMI.
- Lender-Paid Mortgage Insurance (LPMI) – conventional only. There is no separate monthly mortgage insurance line item; instead, the lender pays the insurance and charges you a slightly higher interest rate for the life of the loan to cover it. Because it is baked into the rate, it does not cancel at 80% the way BPMI does.
- Single-Premium Mortgage Insurance (SPMI) – conventional only. You pay a one-time upfront premium at closing to buy out the mortgage insurance. There is no monthly MI line item and the rate is lower than LPMI, but your closing costs go up by the amount of the one-time buyout (which can sometimes be covered by a seller credit).
- Split-premium (hybrid) PMI – conventional only. You pay a smaller upfront premium at closing in exchange for a lower monthly PMI amount – a middle ground between BPMI and single-premium that can help when you are tight on monthly budget but have some cash at closing.
There is no single “best” structure – the right one depends on how long you expect to keep the loan, how much cash you have for closing, and how the numbers compare for your specific scenario. This is a normal thing to talk through during pre-approval, and I am happy to run the comparison with you.
Where Will I See PMI on My Loan Documents?
Monthly mortgage insurance shows up in the Projected Payments section on page 1 of your Loan Estimate and Closing Disclosure, grouped with principal, interest, and escrow. If you pay an upfront or single-premium mortgage insurance amount, it appears in section B (Services You Cannot Shop For) on page 2 of those same documents. One thing worth knowing: an upfront mortgage insurance premium may not be refundable if you later sell or refinance, so it is worth weighing the upfront-versus-monthly trade-off before you choose. We walk through exactly where these lines land on your paperwork during pre-approval so nothing is a surprise at closing.
When Can Mortgage Insurance Be Removed?
Conventional PMI is removed automatically at 78% loan-to-value of the original value, and you can request removal at 80%. This is where the loan types diverge the most, so it is worth being precise.
FHA and USDA loans: in most cases the only way to remove the monthly mortgage insurance is to refinance into a conventional or VA loan once you have enough equity. The exception on FHA is the 10%-down scenario, where the annual MIP drops off after 11 years on its own.
VA loans have no monthly mortgage insurance, so there is nothing to remove.
Conventional loans (PMI) follow the federal Homeowners Protection Act, which gives you three paths off PMI based on your original value (the lower of purchase price or original appraised value):
- Automatic termination: your servicer must cancel PMI automatically when your loan balance reaches 78% of the original value on the regular payment schedule, as long as you are current on payments. There is no 2-year waiting requirement for this automatic cancellation.
- Midpoint termination: even if you have not hit 78% yet, your servicer must drop PMI at the halfway point of your loan’s amortization schedule (for example, year 15 of a 30-year loan) if you are current. This is a backstop that mainly matters on loans paying down slowly.
- Borrower-requested cancellation: you can request cancellation once the loan reaches 80% of the original value on the payment schedule. To qualify you generally must have a good payment history, be current on payments, have no junior liens (like a second mortgage or HELOC) on the home, and be able to show the property value has not declined below its original value.
- Early removal based on a new appraisal: if your home’s current value has risen (from market appreciation or improvements), you can pay for a lender-ordered appraisal to show you have reached the required equity sooner. Investor rules typically require the loan to be seasoned (commonly about 2 years) before value-based early removal is allowed – confirm the exact seasoning rule for your loan when you ask.
The older “PMI drops off at 78% after two years” framing you may have read elsewhere mixes up two separate rules. The 78% automatic cancellation does not require two years; the two-year point applies to value-based early removal using a new appraisal. If you are unsure where your loan stands, call and I will help you read your statement and figure out which path fits.
| Loan type | How it comes off |
|---|---|
| Conventional | Auto-cancels at 78% LTV of original value; request at 80%; or earlier with a new appraisal once seasoned |
| FHA | Refinance to remove; or it drops off after 11 years if you put down 10%+ |
| VA | No monthly mortgage insurance – nothing to remove |
| USDA | Refinance into a conventional or VA loan once you have enough equity |
How Much Does Mortgage Insurance Cost?
There is no single number, because the cost depends on your loan type, your credit score (on conventional loans), your down payment, and your loan amount. As a rough frame: FHA charges its 1.75% upfront fee plus a fixed annual factor that is the same for everyone; USDA charges its 1% upfront fee plus a small annual fee; conventional PMI is priced to your credit and equity, so a strong-credit buyer with 10% down often pays meaningfully less than a lower-credit buyer with 5% down; and VA charges no monthly mortgage insurance at all.
If you want a way to estimate it yourself, monthly mortgage insurance follows a simple formula:
Loan amount × annual mortgage insurance factor ÷ 12 = estimated monthly mortgage insurance
Illustration only – not a quote. Take a $300,000 Delaware home with 5% down: that is a $15,000 down payment and a $285,000 base loan (the down-payment math is exact). To show how the factor works, for every $100,000 borrowed, a 0.5% annual factor is about $42 per month ($100,000 × 0.005 ÷ 12). Your actual factor depends on your credit, loan-to-value, occupancy, loan term, and the insurer’s guidelines, so treat this purely as a way to understand the math – not as your payment. The only way to see your real number is a pre-approval review – you can schedule a 30-minute review whenever you are ready.
Because mortgage insurance is part of your monthly housing cost, it also affects your debt-to-income ratio when we qualify you. It is only one line of your overall payment, so it is best understood alongside your principal, interest, taxes, and homeowners insurance in your full monthly payment.
Is Paying Mortgage Insurance Worth It?
For many Delaware buyers, the answer is yes – but it depends on your goals, not a blanket rule. Paying mortgage insurance lets you buy now with a smaller down payment instead of waiting years to save a full 20%. Whether that trade-off makes sense for you depends on your timeline, your budget, and how the programs compare. Here is a quick way to weigh it:
| Mortgage insurance may make sense when… | It may not fit when… |
|---|---|
| Buying sooner matters more than waiting to save 20% | You already have 20% down and strong credit |
| Keeping emergency reserves intact matters to you | You can reach 20% soon without overstretching |
| Conventional PMI prices well for your credit profile | FHA, VA, or USDA may compare better for you |
| The time you expect to keep the loan supports the cost | An upfront buyout may not be recovered before you sell |
In more detail, a few common situations:
- Mortgage insurance is often a good fit if you are a first-time buyer who is ready to own, has steady income, and would otherwise spend years saving a 20% down payment while home prices and rent keep climbing. Programs like FHA and the DSHA-backed options were built for exactly this.
- Mortgage insurance may not be the right path if you already have 20% or more to put down and strong credit – in that case a conventional loan with no PMI will usually be the cleaner choice. It also may not be ideal if you can comfortably reach 20% in the near term without overstretching, since avoiding PMI entirely can be worthwhile.
- If you qualify for a VA loan, you skip monthly mortgage insurance altogether. For eligible veterans this may compare favorably with putting money down on a conventional loan, though the best choice still depends on the rate, funding-fee status, cash available, credit, property, and how long you expect to keep the loan.
If you are weighing low-down-payment options, it is worth reviewing the Delaware first-time home buyer programs and the down payment assistance programs that can reduce how much you bring to closing in the first place.
Common Mortgage Insurance Mistakes to Avoid
Mortgage insurance is one of the most misunderstood parts of a home loan. These are the assumptions that cost Delaware buyers the most money or delay:
- Assuming PMI protects you. It protects the lender. Your homeowners policy and any optional mortgage protection product are what cover you and your family.
- Assuming all mortgage insurance ends at 80% LTV. That path applies to conventional PMI. FHA mortgage insurance with less than 10% down generally lasts the life of the loan unless you refinance.
- Comparing only the monthly premium. Upfront fees (FHA’s 1.75%, USDA’s 1%, or a single-premium buyout) belong in the comparison too, not just the monthly line.
- Assuming rising home value cancels PMI automatically. Value-based early removal usually requires you to request it, pay for a new appraisal, and meet your servicer’s seasoning rules – it does not happen on its own.
- Draining every dollar to reach 20% down. Putting all your savings into the down payment to avoid PMI can leave you without reserves for closing costs, moving, or emergencies.
- Refinancing solely to drop mortgage insurance. A refinance can remove FHA MIP, but only compare it against the full cost of the new loan, including the new rate and closing costs – sometimes the math does not favor it.
How to Compare Mortgage Insurance, Step by Step
When you are deciding between loan programs, walking through these steps in order keeps the mortgage-insurance comparison honest:
- Identify the programs you may be eligible for – conventional, FHA, VA, or USDA – based on your credit, service history, and the property location.
- Calculate your down payment and starting loan-to-value so you know whether mortgage insurance applies at all.
- Compare upfront and monthly insurance costs together for each program, not just the monthly amount.
- Check whether the insurance can be removed and how – automatic cancellation, a request at 80%, the 11-year FHA drop-off, or a refinance.
- See where the cost appears on your Loan Estimate so the numbers are real and comparable side by side.
- Compare the complete payment and cash-to-close across programs before you decide.
- Monitor your equity after closing and contact your servicer when you reach the threshold to request removal on a conventional loan.
What Mortgage Insurance Means for Delaware Buyers
Mortgage insurance works the same under federal and investor rules across the country, but the loan choices available to a Delaware buyer can change the comparison. Across New Castle, Kent, and Sussex County, the practical takeaways are:
- A buyer using DSHA down payment assistance may still have FHA MIP or conventional PMI on the first mortgage – the assistance lowers your cash to close, but it does not automatically remove the mortgage insurance on the loan itself.
- Eligible veterans can avoid monthly mortgage insurance entirely with a VA loan, which may compare favorably with putting cash down on a conventional loan depending on the rate, funding-fee status, and cash on hand.
- Buyers considering rural addresses, especially in Kent and Sussex County, should confirm the exact property on the current USDA eligibility map before counting on the no-down-payment USDA option.
- Whichever program fits, mortgage insurance is part of your monthly housing cost, so it factors into how much home you qualify for.
If you are buying in northern New Castle County, our Newark mortgage and Wilmington mortgage pages walk through local program options in more detail.
A note on taxes: whether mortgage insurance premiums are tax-deductible has changed several times over the years and depends on current tax law and your income. I am a mortgage loan officer, not a tax advisor, so please confirm the current rules with a CPA or tax professional rather than relying on what a deduction did in a prior year.
How Do I Get Pre-Approved in Delaware?
The best way to find out exactly what mortgage insurance (if any) applies to you, and what it will cost, is to get pre-approved so we can match you to the right loan. You can get all of your questions answered or start your pre-approval by calling 302-703-0727 or applying online. There is no obligation, and you will get a clear picture of your real numbers – not a one-size-fits-all estimate.
Sources and Methodology
The program rules on this page come from the federal agencies and the private-insurer framework that govern each loan type. The specific figures are current as of June 2026 and should be confirmed at application, because HUD, USDA, the VA, and private insurers update them from time to time.
- FHA mortgage insurance (UFMIP and annual MIP, duration rules): HUD Handbook 4000.1 and the current HUD MIP schedule.
- USDA guarantee fees (1% upfront, ~0.35% annual): USDA Rural Development HB-1-3555 and the current fee notice.
- VA funding fee and exemption: VA Lender’s Handbook and the current VA funding-fee chart.
- Conventional PMI cancellation (78% automatic, 80% request, midpoint termination): the federal Homeowners Protection Act of 1998, as summarized by the CFPB, plus Fannie Mae and Freddie Mac servicing guidelines.
- Delaware down payment assistance: Delaware State Housing Authority (DSHA) program guidelines.
Last reviewed by John Thomas, NMLS #38783, in June 2026. Program figures are current as of that date and should be confirmed at application.
Frequently Asked Questions About Mortgage Insurance
Does mortgage insurance protect me or the lender?
Mortgage insurance protects the lender, not you. It reimburses the lender for part of its loss if the loan goes into default. It is not homeowners insurance and it does not cover your property, your belongings, or your ability to make payments. Its only benefit to you is that it lets you buy a home with less than 20% down.
How do I avoid paying PMI on a conventional loan?
On a conventional loan, you avoid PMI entirely by putting down 20% or more. If you put down less than 20%, you can still get the PMI to fall off later as you build equity – automatically at 78% loan-to-value of the original value, or by request at 80%. A VA loan (for eligible veterans) avoids monthly mortgage insurance regardless of down payment.
Can I get a loan with less than 20% down and still cancel mortgage insurance later?
Yes, on a conventional loan. If you buy with as little as 3% to 5% down, your PMI is not permanent – it cancels automatically once your balance reaches 78% of the original value, and you can request removal at 80%. If your home appreciates, you may be able to remove it even sooner with a new appraisal once the loan is seasoned. FHA and USDA monthly mortgage insurance usually require a refinance to remove instead.
Does my credit score affect how much mortgage insurance I pay?
It depends on the loan type. On conventional loans, yes – PMI is risk-based, so a higher credit score generally means cheaper PMI and a lower score means more expensive PMI. On FHA and USDA loans, the mortgage insurance factor is the same regardless of credit score. This is one reason a strong-credit buyer often comes out ahead on a conventional loan, while a lower-credit buyer may do better on FHA.
I have a recent collection or lower credit score – can I still buy with mortgage insurance?
Often, yes. FHA loans are designed for buyers who are still rebuilding credit, and the FHA mortgage insurance factor does not change with your score, so a lower score does not make the insurance more expensive the way it can on a conventional loan. The right path depends on your full profile, so the best next step is a pre-approval review where we can look at your credit, income, and down payment together.
Can PMI be required when I refinance a conventional loan?
Yes. PMI can be required on a conventional refinance when the new loan is more than 80% of the home’s current value. Whether it applies depends on the appraisal, the new loan amount, your credit profile, and the program guidelines. FHA and USDA refinances follow their own mortgage insurance or guarantee-fee rules instead of conventional PMI, so the right comparison depends on which program you refinance into.
Does FHA mortgage insurance ever go away on its own?
It can, but only in one case: if you put down 10% or more on an FHA loan, the annual MIP drops off after 11 years. If you put down less than 10%, FHA mortgage insurance generally stays for the life of the loan, and the usual way to remove it is to refinance into a conventional or VA loan once you have enough equity. The monthly amount does get recalculated each year against your declining balance, so it tends to ease down slightly over time.
Can I use a DSHA down payment assistance program and still have PMI?
Yes. Delaware State Housing Authority (DSHA) down payment assistance helps with the cash you bring to closing; it is separate from mortgage insurance, which is tied to the first mortgage (FHA, conventional, etc.). Many DSHA buyers use a low-down-payment first mortgage that carries mortgage insurance and use the DSHA assistance to cover down payment and closing costs. We map both pieces together during pre-approval so you see the full picture.
Is it better to pay PMI monthly or buy it out upfront?
It depends on how long you plan to keep the loan and how much cash you have for closing. Borrower-paid monthly PMI keeps your closing costs lower but adds to your payment until it cancels. Single-premium (buy-out) PMI removes the monthly line item but raises your closing costs. Lender-paid PMI trades the monthly line item for a higher rate for the life of the loan. There is no universal winner – it is a per-scenario comparison I am glad to run for you.
Do USDA and VA loans require monthly mortgage insurance in Delaware?
VA loans require no monthly mortgage insurance at all – just a one-time funding fee (waived for veterans with a service-connected disability). USDA loans, available in eligible parts of Kent and Sussex County, charge a 1% upfront guarantee fee plus a small annual fee (about 0.35%) instead of traditional PMI; that annual fee generally lasts the life of the loan and is removed by refinancing. Confirm current USDA fees at application.
About the Author – John R. Thomas
John R. Thomas is a Branch Manager and mortgage loan officer with Primary Residential Mortgage, Inc. in Newark, Delaware, with more than 20 years of experience helping Delaware and Maryland buyers structure low-down-payment loans. He works with FHA, VA, USDA, conventional, and DSHA programs every day, which means he routinely helps buyers compare how mortgage insurance affects each option and choose the structure that costs the least over the time they actually plan to keep the loan.
John holds a BS in Physics Education from the University of Delaware and an MS in Curriculum and Instruction from Delaware State University, and he is the author of “Your Guide to Buying Your First Home in Delaware.” That teaching background is why his explanations of topics like mortgage insurance are plain-spoken instead of jargon-heavy. He is licensed in 17 states (AL, DC, DE, FL, GA, IN, KS, MD, MN, MO, NC, NJ, OH, PA, SC, TN, VA). NMLS #38783.
John Thomas Team – Primary Residential Mortgage, Inc.
248 E Chestnut Hill Rd, Newark, DE 19713
Phone: 302-703-0727 | Email: team@johnthomasteam.com
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Last Updated: June 2026. Mortgage content reviewed by John R. Thomas, NMLS #38783. John Thomas, NMLS #38783 | Primary Residential Mortgage, Inc. (NMLS #3094), Newark Branch NMLS #106170 | 248 E Chestnut Hill Rd, Newark, DE 19713 | 302-703-0727 | delawaremortgageloans.net. Mortgage insurance factors, fees, and program rules are set by HUD, USDA, the VA, and private insurers and can change – confirm the figures that apply to your scenario at application. Copyright John R. Thomas, All Rights Reserved.
