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As a first time home buyer, is there any way around PMI with less than 20% down?

by davide716 from Huntington Beach, California. Sep 26th 2014 Reply


Absolutely. As a lender we offer programs that allows us to pay your PMI. Give me a call at 949.276.8526 or visit my page at Demir.la for more info.

Sep 26th 2014
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Sure....lender paid mortgage insurance or a home equity

Sep 26th 2014
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Dan Paladin (dpaladin)
#2 ranked lender in California - 417 contributions

The only way is to do a combo 1st and 2nd lien to truly avoid PMI...lender paid builds the cost into the rate so you are paying for it via a higher rate...which the interest is tax deductible so that is a plus...feel free to contact me to discuss.562-254-5616

Sep 26th 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

There are a number of ways to eliminate the monthly PMI cost which will normally give you a much lower payment than two separate loans. You'll still need at least 5% downpayment for a conventional/conforming loan.

Sep 26th 2014
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Larry Gray (lgray_312_247)
#5 ranked lender in California - 1,127 contributions

I am not sure if you may have understood clearly the two options. One is you mayqualify for a first and second loan typically to 90% combined loan to value, and the other option is lender paid mortgage insurance (taking a higher rate) which can also be possible. Your good credit...not necessarily excellent...will help you in this endeavor!

Sep 26th 2014
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Craig Barton (craig@cbloans.com)
#410 ranked lender in California - 5 contributions

Hi DavidYes We have no a PMI Programscall Craig 310 374 9000

Sep 26th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Yes.. If you have VA benefits available to you, you can use VA and there is no MI.. other than that, unless you have 20% down,you will pay MI.. However, i wouldn't get too bent out of shape over paying MI.. if you have a good credit score, then MI is relatively inexpensive.. In fact, here in AZ with 5% down, your MI is less than $52l per month for every $100K financed.. if you put 10% or 15% the premium is even lower.. and with conventional MI, once you pass 2 years, and once you have obtained 20% equity, you can ask your lender to drop the MI. You will have to pay for an appraisal, but so long as the value is there, the MI will be dropped.. 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

Sep 27th 2014
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Craig Barton (craig@cbloans.com)
#410 ranked lender in California - 5 contributions

Hi DavidYes We have no a PMI Programs www.cbLoans.comcall Craig 310 374 9000

Sep 26th 2014
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