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If FHA mortgages are insured by the government why do some lenders still require / charge you for PMI?

From what I have read, FHA mortgage loans are backed by / insured by the government, so how are lenders also allowed to require / charge you for PMI (Private Mortgage Insurance) on FHA loans?

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One Response to “If FHA mortgages are insured by the government why do some lenders still require / charge you for PMI?”

  1. bailie28 says:
    May 21, 2009 at 4:29 am

    because the pmi isnt on that loan its on the part of the loan that couldnt be financed under those terms right? at least i know thats how it was going to be for us until we realized we could still use the va loan even though we already owned another house….thank god because the pmi was all a rip off to me…

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