Thank God for PMI! I bet you've never heard anyone say that before. Here's why I say that.
Back in 2008, there were some foreclosures in my neighborhood and what at the time were some pretty good deals on them. I decided that I wanted to buy a couple of them and rent them out and sell them a few years later when everyting turned around (rather optimistic, eh?). I went through the process and got approved for a loan for both houses. The only loans available at the time were FHA loans that came with PMI. I refused the loans because of the PMI. Well, like I said, thank God for PMI because shortly after that, business went to absolute hell and I am making much less than I was then and I would really be having a serious problem with those houses if they were not rented out and was having to make 3 payments. Sometimes things that seem bad at the time turn out good later.