Private Mortgage Insurance (PMI) is a type of insurance commonly required on conventional mortgages, especially when the borrower's down payment is less than 20% of the home's purchase price. However, PMI is not applicable to all types of mortgages. For instance, Federal Housing Administration (FHA) loans require a Mortgage Insurance Premium (MIP), which is similar to PMI but has its own set of rules and rates. Unlike PMI, MIP is required for all FHA loans regardless of the down payment amount. Additionally, Veterans Affairs (VA) mortgages, designed for military service members and veterans, do not require PMI or a similar type of mortgage insurance, regardless of the down payment. This absence of a mortgage insurance requirement is one of the unique benefits of VA loans.