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are there any type of fha mortgage with no PMI?

by mechanicmike79436652 from Landing, New Jersey. Dec 5th 2014 Reply


Hey Mike,Unfortunately all FHA loans carry PMI. There are lower monthly premiums if you choose a 15 year fha. If you are a Veteran you van go VA as well with no PMI. I'm a local mortgage company here in NJ call me @ 908-516-2190 or e-mail carlos@keypointmtg.com anytime with questions.

Dec 5th 2014
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Dave Metsker (DaveMetsker)
#38 ranked lender in Oregon - 2,317 contributions

All FHA loans carry PMI, called Mutual Mortgage Insurance.

Dec 5th 2014
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Joseph Cordova (JoeCordova)
#98 ranked lender in New Jersey - 18 contributions

FHA will always have a mortgage insurance premium. There are some conventional mortgage options with as little as 5% down where you can buy out of the mortgage insurance or have the seller buy it out for you. Call me to discuss these options. Joseph S. CordovaNMLS # 146855(856) 304-2381jcordova@eveshammortgage.comwww.joecordova.com

Dec 6th 2014
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,106 contributions

Hi Mike, unfortunately no. FHA does require it. However, there are some other conventional programs that you may want to look at that do have options to have no MI with as little as 5% down. If you wait a month, Fannie Mae is bring back the 3% down program and dome mortgage insurance companies will allow you to buy out of the MI. Talk with a local loan officer to find out what your options are. Best wishes, Sean

Dec 9th 2014
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