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I heard there is a conventional mortgage that allows a 10% down payment.

I don't want an FHA loan because I don't want to pay PMI is there a way to avoid paying PMI? by brittany007 from Sweet Home, Oregon. Jul 3rd 2013 Reply


Chris Davenport (todaylending)
#20 ranked lender in Oklahoma - 36 contributions

That's correct. However, it will either have monthly PMI or an upfront PMI option. There is a lender paid PMI option but the interest rate increases. You may consider our USDA rural loan, VA or Native American 184 loan to avoid or reduce PMI.

Jul 3rd 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Yes. In fact you can get a conventional loan with only 3% down and you will have MI with less than 20% down. If you do a Homepath loan then there is no MI

Jul 3rd 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

With few exceptions, some type of mortgage insurance is required for all loans with less than 20% down.

Jul 3rd 2013
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Elden Lewis (elewis_409_299)
#41 ranked lender in Indiana - 223 contributions

All loans require PMI if you have less than 20% down. There may be some portfolio lender that is a non-conforming lender. but they are few and far between.

Jul 3rd 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#28 ranked lender in New York - 2,238 contributions

Any loan over 80% loan to value will have some sort of mortgage insurance attached to it whether it is financed in lender paid or borrower paid. There are many hybrid loan options.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation ask for Michelle or Benny. We will find the Best Mortgage Option to suit your needs! Check us out at www.BestMortgageOption.comAsk us about the awesome discounts we offer heroes as a Homes for Heroes affiliate!

Jul 3rd 2013
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John Beman (AmFirstLending)
#553 ranked lender in California - 38 contributions

As the other posts have stated, any single conventional mortgage with less than 20% down will require PMI of some type. If you choose to go the single loan PMI route, compare your numbers, because a financed PMI will reduce your monthly payment significantly as compared to a monthly PMI situation while letting you get the lowest available interest rates. Lender paid will usually result in a higher rate of interest. Your other option would be to do an 80% first mortgage and a 10% second mortgage, that would allow you to avoid the PMI all together. If we can be help, please don't hesitate to contact us. John Beman, john.beman@amflc.com or 888-779-6500 x 7315.

Jul 3rd 2013
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James Mazzola (Mazzola)
#110 ranked lender in New Jersey - 313 contributions

Find o lender who offer Lender Paid MI

Jul 4th 2013
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Andrew Alfonso (CashCow)
#43 ranked lender in Florida - 271 contributions

Yes there is a way. Your looking for Lender Paid Mtg Insurance.

Jul 4th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,754 contributions

Conventional allows as little as 3% down. If you are putting down less than 20%, you have to deal with PMI somehow. At 10% down with a good credit score, mortgage insurance will be about .52% of your loan amount. On a $100,000 loan, that would work out to about $43.00 a month. You can also do a buy out of PMI with something known as a single premium. Contact a local mortgage broker for more information and details.

Jul 5th 2013
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Jason Vondrak (jvondrak)
#217 ranked lender in California - 1,741 contributions

Yes, with a conventional loan you can put 10 percent down, however you will be required to pay PMI of you are not putting down 20 percent.

Jul 5th 2013
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Steven Cook (stcookmortgage@gmail.com)
#38 ranked lender in Washington - 256 contributions

Yes, and even one that does 5% down. Both will require some kind of mortgage insurance, though with more down, it will be less than the FHA PMIpayments. Also, it still goes away at 78% LTV while the minimum time for FHA PMI is 11 years. You would benefit by talking with a local, licensedmortgage professional, like my associates at our Lake Oswego office at: 503-914-7732.

Jul 5th 2013
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Eric Vander Werff (Loanguy99201)
#87 ranked lender in Washington - 27 contributions

Fannie/Freddie conventional loans allow as little as 3% down. The "My Community" purchase loan has a very low mortgage insurance factor if you are below the income ceiling. Also, you can get a loan with 10% down if you work with a lender who can broker your loan under US Bank's Portfolio product - those loans don't have any mortgage insurance required. Let me know if I can help. Thanks!

Jul 5th 2013
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Jeff Albrecht (jeff.albrecht)
#96 ranked lender in Texas - 76 contributions

Brittany: We have a Conventional loan with a minimum of a 3% downpayment and we can show you with MI or without MI. If this is a purchase, then the Seller can contribute up to 3.0% in "Seller Concessions" if the loan to value % is > 90%. This can be used to pay the "Single Premium" for the Mortgage Insurance, or the Lender can also pay the MI premium (called "LPMI" which stands for "Lender Paid MI"). Please click on my profile to the left, then click on my email address, and we can talk in the morning. My direct dial office # is 512-381-4643. I look forward to working with you. Thanks...Jeff

Jul 7th 2013
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Pete Bass (PeteBass)
#31 ranked lender in Connecticut - 476 contributions

You Can go as little as 3% down on a Purchase loan- Also, check with your local community bank, your state may have a 1st time homebuyer program withlittle or no down payment required-

Jul 8th 2013
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Josh Lund (Josh_Lund)
#46 ranked lender in Minnesota - 113 contributions

FannieMae Homepath allows you get a loan with no MTG insurance with little as 5% down. Also, you can find this on the Homepath website. You would have to purchase one of the homes that have been foreclosed on which are listed on the site!

Jul 8th 2013
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