Is my loan officer correct regarding mortgage insurance payment duration?

Yes, but his explanation is poor. FHA loans where the borrower finances 90% or less of the purchase price (or appraised value if it is lower) will pay Mortgage Insurance Premium for a minimum of 11 years. While true that is within his answer of 'At least five years', his answer is misleading. I do not recommend buying down the rate in this scenario as you will likely be able to refinance into a conventional loan in the next couple years at lower rates than today, and get rid of the MIP. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000 - OR - 480-695-9300.