Exactly Just How Long Can You Spend PMI on an FHA Loan? Purchasing a residence continues to be an investment that is good. 1 What Exactly Is a PMI Home Loan? 2 Just How Do I Cancel Mortgage Insurance? 3 Cancel a Homeowners Insurance Plan 4 Does PMI Fall Off When You Reach 80 Percent? About PMI PMI stands for Private Mortgage Insurance. PMI is necessary on home loans whenever house ended up being bought with significantly less than a 20 per cent down payment. The lender is protected by this insurance in the occasion the debtor defaults in the