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Is there any type of loan with no pmi but only 10% down?

by sam.ghali758 from La Mesa, California. May 29th 2014 Reply


Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,112 contributions

Hi Sam, yes with at least a 5% down payment conventional will allow you the option to buy out your mortgage insurance as a one time fee at closing. The cost is a percentage of the loan amount and is determined by your credit score, loan to value, debt to income ratio, owner occupancy and if you are self-employed or not. VA loans have no mortgage insurance if you are VA eligible. I suggest speaking with a local loan officer and have them review the above options with you. Best wishes, Sean

May 29th 2014
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RANDA MISHLAWI (mishlawir)
#198 ranked lender in California - 10 contributions

Hi Sam,You can have an option of a lender funded MI where the PMI cost is included in the interest rate. For example, if the current interest rate is at 4.125% , A lender funded MI rate with 10% down (depending on the credit score and other factors,) may be increased to 4.625% and No MI. Email me if you have any other questions.RandaMishlawir@aol.com

May 29th 2014
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,244 contributions

Yes there are several loans where you can either buyout, finance or even have the lender paid MI

May 29th 2014
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Mike Silkworth (msilkw_195_870)
#31 ranked lender in Michigan - 527 contributions

A VA loan has no mortgage insurance if you are a VET. A conventional HomePath loan has no mortgage insurance if you are buying a Fannie Mae Repo that is designated HomePath. But for a conventional, they all require mortgage insurance at 10% down. That being said, there are some new creative ways to do it that minimize costs - Talk to an experienced lender referred to you by your Realtor. Good Luck.

May 29th 2014
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John A Soricelli Jr (John A Soricelli Jr)
#168 ranked lender in California - 151 contributions

Yes there are loans with no money down and no mortgage insurance. Just depends on your profile. This option is absolutely available when working with the right lender.

May 29th 2014
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