Tony’s comments are accurate. Single premium PMI can also be done as LPMI, which stands for Lender Paid Mortgage Insurance. It’s basically single premium mortgage insurance that is paid for by an adjustment to the rate and/or closing cost credit. The lender pays the mortgage insurance premium, rather than having it be charged to the borrower at closing. I just closed an 85% rate/term loan with LPMI, and the rate we closed at was the same as originally disclosed (when we projected no PMI would be required), the lender credit was just slightly lower.
One item to remember on LPMI, if the actual rate ends up higher (rather than just a lower lender credit) is that the rate doesn’t change when equity reaches 20% (unlike monthly PMI, which ends then). It’s seldom a rate adjustment of more than .125%, but it is for the life of the loan, rather than until a certain equity level is reached.