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can i get a loan with no pmi with 15% down anywhere?

i have 15% down and have been told no by several banks and that i would ned to pay mortgage insurance but i'm hoping to find smaller lender that can do my solid down payment with no pmi. please help if you can. by hillard.kyle7463502 from Alamo, Texas. Sep 12th 2014 Reply


Cody Velkovich (Cody_NRL)
#167 ranked lender in Texas - 87 contributions

Kyle, there are some truths to that statement. On a Conventional Loan, when there is less than 20% equity, the requirement is that there must be mortgage insurance on the property. Having said that, we are a Texas-based mortgage bank that offers Lender-Paid Mortgage Insurance. This way, you are not paying any monthly premiums. Send me a message and we can go into more detail on it.

Sep 12th 2014
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Yes- depending on your credit score , loan amount, etc.,, we may have a program for you/ please e mail me at Pete..Bass @evetbank.com with your contact information

Sep 12th 2014
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Mana Mabry Graham (managraham@yahoo.com)
#159 ranked lender in Texas - 3 contributions

You can do what is called a lender paid MI. The rate is slightly higher which covers the cost of the MI upfront. Any loan to value over 80% that is sold to fannie mae or freddie mac has to have PMI. It is cheaper to do the lender MI than monthly too! Call me at 214-636-3363 Mana Mabry Graham I work for Nortex Mortgage in Plano Texas. Thanks!

Sep 12th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,795 contributions

Stop worrying about paying MI.. With 15% down and good credit, the MI premium is less than $20 per month for every $100K financed.. and after 2 years, you can request the lender remove the MI.. so long as your property has appreciated more than 5% in that 2 year period, you should have no problem.. You will have to pay for an appraisal which usually runs about $450, and so long as the value is there, then the MI will be removed.. The only way to avoid paying MI is to put 20% or more down, or if you have VA benefits available to you, you can use VA financing and you will not be required to pay MI.. 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 12th 2014
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Rich Bonn (RichBonn2818411723)
#177 ranked lender in Texas - 50 contributions

Kyle: while you may be able to find a lender that can do a no MI program for you, in the long term it may be detrimental to you. No MI programs generally have higher interest rates (LPMI costs are built into the rate on your loan.) If you have traditional, borrower paid MI on a conventional loan, once you get down to 80% loan to value, you can ask to have the borrower paid MI removed. If you have Lender Paid MI, the rate will stay the same regardless of your loan to value. Please consider that when making your decision.You may also take a second mortgage for 5% of your purchase price, but that would increase the cost of your first mortgage (which would be built into the rate) but would help you avoid MI. If you have further questions, or would like to discuss numbers, feel free to call me at 281-841-1723. Rich

Sep 12th 2014
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,446 contributions

Yes, and no. Anytime you don't put at least 20% down, you have to deal with mortgage insurance somehow. How you pay for it can vary. You can do standard monthly mortgage insurance. You can pay a lump sum up-front at closing. You can pay it with a slightly higher interest rate, or you can try getting two loans. I can give you a loan that doesn't show PMI anywhere, but DO NOT let anyone fool you. If you don't put 20% down, you are paying for it somehow.

Sep 16th 2014
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