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how much do i have to put down to get no pmi on a homestyle renovation?

by jakeryan27846565 from Baltimore, Maryland. Dec 24th 2014 Reply


Darren Soodak (DSoodak)
#66 ranked lender in Maryland - 4 contributions

Jake - HomeStyle renovation has the same 20% down requirement if you want no MI. We can, however, offer lender-paid MI which can be paid for using a seller or lender credit.Darren Soodak(301) 440-8655dsoodak@emgloan.com

Dec 24th 2014
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

All Conventional (FNMA or FHMLC) loans require PMI unless the borrower puts 20% equity into the transaction. True, HomePath eligible properties do not require 20% equity and do not have PMI, BUT, the higher interest rate these loans require are essentially because Lender paid PMI is built into the loan program. If you are going to consider a loan with less than 20% equity, and you are considering the 'Lender paid option, be careful and make sure you are comparing that option against the borrower paid. In reality the borrower is paying the lender extra interest over the life of the loan so the lender can buy an up-front PMI policy for you. Make sure you have the lender quote you the loan parameters for both lender paid and borrower paid PMI. For more information read my Blog Post on this subject. It can be found at https://www.lender411.com/mortgage-articles/12875/lender-paid-pmi-vs-borrower-paid-pmi/ ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in Arizona (AZLO0911876 / AZBK0902429), Washington (WALO40586 / WACL3087) and California (CADOC40586 / CAFLL6036566). We are licensed by the CA-DBO under the CFLL and CRMLA. Loans made or arranged pursuant to CFLL or CRMLA license. ~ www.LoansA2z.com ~ 888-889-9950

Dec 24th 2014
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Kay Cleland (kay@kcmortgagecolorado.com)
#31 ranked lender in Colorado - 225 contributions

Great day to you! Conventional loans above 80% ltv will require mortgage insurance. You do have the option to do lender paid mortgage insurance, which will increase your rate. It is best to talk to a local mortgage broker and discuss your options. I would suggest contacting a mortgage professional that is a member of the professional association and fully licensed. www.namb.org

Dec 24th 2014
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Marcia Waller (homesteadfunding)
#5 ranked lender in Delaware - 2 contributions

Al conventional loans require 20% down payment to avoid PMI, but you can also obtain Lender Paid MI by choosing a higher rate of interest. It is a lower payment. Let me know if I can assist Joe Shagena jshagena@destinygrp.net

Dec 26th 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

As others have responded, HomeStyle is a standard conventional mortgage where PMI is required unless you put 20% as a downpayment. There are options to reduce or eliminate the monthly payment by either financing or paying the PMI as a lump sum at closing. I handle a lot of HomeStyle loans and like any other mortgage look for alternatives that help my customer structure the financing to best fit their situation.

Dec 26th 2014
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