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Can I get no PMI with 10% down, or should I wait and save more to put down 20%?

Should I put down 10% on buying a home or just wait and try to save 20% for the down payment? We need to buy a house soon and we have enough to make realistically a 10% down payment. Is there any way to not have PMI with just 10% down? Also, is it still possible to get two loans and use one for the down payment to get out of PMI? by grappler77 from Austin, Texas. Jan 17th 2011 Reply


Dan Paladin (dpaladin)
#2 ranked lender in California - 567 contributions

Yes you can...program is called LPMI (lender paid MI)...rates are slightly higher though can end up saving you money vs. having borrower paid MI. Just have to do a simple loan comparison. You can also still do combo loans 80/10/10 in your example..though these are not as popular as they once were for the obvious reasons....feel free to contact me for a loan comparison to see what best fits your needs.Dan "The Loanman"

Jan 17th 2011
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Rudi Hofmann (CaPortfolioLoans)
#283 ranked lender in California - 380 contributions

How long will it take you to save? 20% down with a 740 FICO Score will get you the best rates and programs available. .... Happy funding, Rudi

Jan 17th 2011
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Jim Teak II (jimteak)
#239 ranked lender in California - 14 contributions

Great Q.'s Call Me 24/7/365...www.JimTeak.com...619-293-4200

Jan 17th 2011
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John Burke (jburke)
#30 ranked lender in Texas - 201 contributions

Depending on where you live/want to buy, you may be able to buy a home with no money down and no monthly mortgage insurance with a USDA loan.http://www.usdamortgageonline.com

Jan 18th 2011
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Sarah N. Montes (FUNDINGNOW)
#63 ranked lender in Texas - 13 contributions

Our loan terms are as follows:5% Down5% Interest30 Year FixedNO PMIPlease email me for more information and details.FundingNow@Live.com

Jan 19th 2011
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