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How do I not pay PMI?

I know there is the VA, but what other programs offer a no PMI mortgage plan without the lender picking up the tab and tacking it onto my rate? I'm willing to put 25% down on a loan, and have collateral assets in stock. Are there any options for me? by jon.sp_663_250 from Tulsa, Oklahoma. Nov 28th 2011 Reply


Michael Decker (michael.decker)
#12 ranked lender in Oklahoma - 2 contributions

Jon, You would be able to do a Conventional loan with 20% down to avoid PMI. I am available to answer additional questions. Please dont hesitate to call me at 405-564-3304.Thanks Michael Decker WJ Bradley Mortgage

Nov 28th 2011
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John Schweer (johnschweer)
#9 ranked lender in Missouri - 162 contributions

if you have 25% down then there is no PMI needed on a conventional loan.other options would be a bank portfolio product, but unless there is a credit or income issue on your part it shouldnt be needed...... feel free to call me to discuss any options you would like to.thanks John

Nov 28th 2011
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JOE GARRETT (www.Texaslowcostmortgage.com)
#46 ranked lender in Texas - 18 contributions

If you are putting 25% down you wouldn't have any pmi it is only for less than 20% down...if i were you, i would only put the minimum down (20%) to avoid the pmi and keep the rest in cash for any unexpected housing expenses. no need to lock up your cash reserves in the equity in your home:) Joe Garrett (888) 435-7190.

Nov 28th 2011
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Ross Morgan (RossMorgan)
#40 ranked lender in Pennsylvania - 1 contribution

If you are going to put down 25%, there will not be PMI. PMI would only apply if you put down less than 20% on a conventional loan. Are you referring to an FHA loan? Feel free to give me a call to discuss your options. Ross MorganAllied Mortgage Group1-877-641-4833 x304rmorgan@alliedmg.com

Nov 28th 2011
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Nick Utesch (nick@valoansok.com)
#2 ranked lender in Oklahoma - 22 contributions

You shouldn't be required to pay PMI on a conventional loan if you put a minimum of 20% down. If you are donig an FHA loan, PMI is always required on a 30 year term, regardless of the down payment. If you are not wanting to put 20% down on a conventional loan, there are some special programs available that allow you to forego monthly PMI in exchange for a small up front mortgage insurance premium (this does not affect your rate). If you'd like to explore these options, please contact me at 918.895.4500. Thank you! Nick Utesch--Progressive Financial

Nov 28th 2011
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Marcus Buchanan (mbuchanan)
#304 ranked lender in California - 28 contributions

Hi Jon, there is an opportunity for your especially with 25% down, you can forget about PMI. I would suggest going with a local lender in your area, if you work with someone other than a large bank youll get much better competitive rate. Hope this helps.

Nov 28th 2011
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Ron Pippin (RonPippin)
#26 ranked lender in Utah - 158 contributions

There are other possible options other than just the 20% down. YOu mentioned the VA with no PMI which is correct. If you are buying a "HomePath" home, no PMI is required. If you are buying a home in an area considered "rural", as of October 2, 2011 there is now a very small PMI amount required, but it is very small. With a smaller down (less than 20%), you can have a one time PMI payment so that the monthly amount is not required. However since you are willing to put the 20% down, all the other answers are correct, no PMI would be required on a conventional loan.

Nov 28th 2011
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Rudi Hofmann (CaPortfolioLoans)
#272 ranked lender in California - 380 contributions

Stick with a traditional lender. With your down payment MI will not be required. ... Happy funding, Rudi

Nov 28th 2011
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Crestico Funding (CresticoFunding)
#308 ranked lender in California - 336 contributions

Jon,with 25% downpayment on a Fannie Mae or Freddie Mac loan you don't have to have any kind of Mortgage Insurance.

Nov 28th 2011
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,414 contributions

Ton's of options.. first of all, if you have 20%+ down payment, you wont have to pay PMI on a conventional loan. If you use a lender who offers a portfolio product, you wont pay PMI there either, but you probably wont get the best rate.. WilliamAcres.com

Nov 28th 2011
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