I’m interested in purchasing a home and like the USDA loan option (0% down, low MI). What concerns me is two things:
1. The interest rate is about 0.5% higher than FHA or Conventional loans,
2. The Mortgage Insurance (MI) never goes away unlike the FHA loan.
So, after a while of owning, would I be able to convert my USDA loan to a conventional loan and get rid of the MI?
Please provide some credibility or resources that will be helpful in confirming the answer.