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home loan no pmi for 15% down anywhere?

i'm trying to finance a townhome and also trying to avoid paying mortgage insurance. i thought 15% down was good but i keep hearing i need 20 for no pmi. are there ANY programs that will allow me to sidestep? excellent credit as well. i'm already lookig at a heftier hoa :/ by stussel.j78463358 from Indianapolis, Indiana. Oct 17th 2014 Reply


Yes. You can put 15% down of your own money, get a loan for 80% and a smaller 2nd mortgage loan for the remaining 5%. I can help with that if you would like. Unfortunately, you always need 20% down for no MI unless it's Lender Paid MI. Having a small 2nd mortgage actually helps you in the long run. We should talk about this over the phone or in person. Let me know what you think your next steps are, and we can certainly arrange to make them happen. Thanks for asking!

Oct 17th 2014
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Larry Penilla (Larry Penilla)
#5 ranked lender in Indiana - 22 contributions

You can pay a slightly higher rate without MI, or you can pay or have seller pay a 1 time MI premium up front or you can finance the MI. These are your most likely options. Feel free to contact me for specifics...Thanks.

Oct 18th 2014
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,107 contributions

You have two options off the top of my head. One, you can put 15% down or even 5% down and buy out of the mortgage insurance as a one time fee paid at closing as a closing cost or raise the interest rate slightly and pay for it through a closing cost credit. With 15% down the cost to buy out of the mortgage insurance would be very reasonable. Two, you could do a 1st mortgage to 80% or even 75% for better pricing and do a 2nd mortgage for the difference. Best wishes, Sean

Oct 18th 2014
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

If you do NOT put at least 20% down - you MUST deal with PMI somehow. There are multiple ways to handle it. Two loans, standard monthly PMI, single premium, split premium, lender paid, etc. ANYONE telling you one option is automatically better than the other is someone to run from. Talk to a local mortgage broker in your area for your options, and the cost of those options. Together you will figure out what works best for you are your individual situation. In WI, MN, and SD - visit www.WI-MortgageBroker.com

Oct 20th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

I hear this often.. PMI rates are very inexpensive right now.. with 15% down and good credit, the premium would be about $19 monthly for every $100K financed.. and with conventional MI, once you have paid for 24 months and you obtain 20% total equity or more, then you can ask the lender to drop the PMI.. this can be done without having to refinance. If you choose to do "Lender Paid" PMI, then the rate is higher, so effectively, your paying for it in the form of a higher interest. If you pay an "upfront" premium,then this is not subject to cancellation, so again your paying it.. but by paying a monthly PMI that can be canceled in 2 years, your total MI expense would be under $500 over the two years.. But to answer your question.. unless you have 20% down, you must 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

Oct 20th 2014
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