Forgotten Your Password?

Need to Register?

Question Icon

are there 203k mortgages with no pmi ?

by vita.1ling78642689 from Sioux Falls, South Dakota. Dec 16th 2014 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

The 203k rehab loan is a variation of a basic FHA loan. Therefore, regardless of down payment size, the loan WILL have mortgage insurance. You could maybe refinance into something else later on after the home is repaired if it makes sense. Lending in SD, MN, and WI. Visit www.MortgagesUnlimited.biz/Usda

Dec 16th 2014
1
0
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

There is a conventional alternative to the FHA 203k where it is possible to structure it without a monthly PMI pament and if the loan is less than 80% there is no PMI required. Let me know if I can help.

Dec 17th 2014
1
0
William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

No.. 203K's are an FHA loan product and all FHA loans have MI.. conventional has the HomeStyle renovation loan, and if your improved value puts you below 80% loan to value, you wont have to pay MI.. Unless you have VA benefits available to you, you cannot avoid paying MI if your loan to value is greater than 80%. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Dec 17th 2014
1
0
Subscribe to our news feed.