What is single-premium PMI?
Single-premium PMI is paid upfront in cash at closing instead of monthly. It eliminates the monthly PMI charge for the life of the loan. The upfront premium is a percentage of the loan amount (varies by credit/LTV), and seller credits or lender credits can sometimes cover it.
Plain-English explanation
Single-premium PMI math: pay a one-time premium at closing (typically 1-3% of loan amount depending on credit/LTV) in exchange for no monthly PMI for the life of the loan. Useful when the borrower has cash on hand and wants the lowest monthly payment, or when the seller or builder is willing to fund it via concessions. Refundable single-premium PMI returns a portion if the loan is paid off early; non-refundable doesn't. Subject to PMI provider terms.
What can change the answer?
Credit score, LTV, coverage percentage, occupancy, and PMI provider can change cost. PMI removal is governed by HPA and servicer policy.
Want the real answer for your conventional file?
Conventional guidelines are the rule. Your credit, income, DTI, PMI, LLPAs, and Florida payment math are what decide the actual answer.
More conventional questions on PMI
Educational only. Conventional loan guidelines, lender overlays, rates, fees, PMI, LLPAs, and underwriting requirements can change. Final eligibility depends on full underwriting review.