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Loan options with no mortgage insurance

I have 700+ credit and I'm looking for a loan with a 90% LTV and no private mortgage insurance. Any ideas? by HBogar_727_414 from Leawood, Kansas. Sep 6th 2012 Reply


Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

Single Premium Mortgage Insurance, Lender Paid Mortgage Insurance, Portfolio lenders. Speak to a local lender to find out your options.

Sep 6th 2012
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Mike Purkey (mpurkey)
#44 ranked lender in Kansas - 26 contributions

As noted by Paul above, VA is one alternative if you qualify. Another is USDA - Rural Development, which has some income limitations and would be for propperties outside of the metropolitan areas. There are also a couple of different alternatives to consider if you are refinancing your current home; both are fairly complex, but I would be glad to explain them if you give me a call or shoot me an email. 316-259-5862 or Mike@KansasMortgageExpert.com

Sep 6th 2012
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Korwin Wall (Korwin Wall)
#2 ranked lender in Kansas - 37 contributions

Depends on your circumstance. If you are currently paying Mtg insurance now. If you are not and are just worried about the appraisal not comming out were you need it there is a program called refi plus that we can refinance the first mortgage without you having to get mortgage insurance. If you are currently paying mortgage insurance your options, as the others have said, are VA if you are a veteran, or lender paid mi which basically you are paying for the mortgage insurance upfront in the pricing. If you currently pay mi it may still be beneficial to refinance as rates are in the mid to low 3's for 30 year mortgages. We always do a detail cost benefit with breakeven analysis so a client knows what their benefit will be before refinancing. I am located in Topeka at 785-273-5004 or email kdwall@kdwallstreet.com if you are needing an analysis done.

Sep 6th 2012
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Sara Deere (Mortgagequeen2)
#16 ranked lender in Missouri - 608 contributions

There are also a couple other options.

Sep 6th 2012
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Sara Deere (Mortgagequeen2)
#16 ranked lender in Missouri - 608 contributions

There are a couple other options. You might try a small mortgage brokerage company which has access to a lot of different lenders. I have a couple referral lenders if you still need assistance.

Sep 6th 2012
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MIKE CONVIN (mconvin)
#6 ranked lender in Delaware - 202 contributions

hi there: we are a bank and offer different programs....lending nationwide...with 10% down, we do offer no MI with a fixed rate mortgage. we offer closing costs asst if needed etc..Can u provide exact your exact 2nd middle highest score I can further quote you. Let us know how we my asst. Mike (703 505 5300) NMLS 754875

Sep 6th 2012
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Jeremy Redlinger (JeremyR)
#29 ranked lender in Minnesota - 191 contributions

If you are a veteran than you may be able to obtain a VA loan. FHA requires at least 5 year of mortgage insurance no matter what your loan to value is. Conforming loans allow you to avoid PMI at a loan to value less than 80 percent.

Sep 6th 2012
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Bro Nam (bro1234@gmail.com)
#29 ranked lender in Missouri - 16 contributions

There is a program out called HARP. You might check to see if your previous loan was originated prior to Feb-Mar of 09. If it was - and you were not paying PMI with your current loan - there is a chance going forward that you could qualify for either a DU Refi plus loan or a Freddie Relief depending upon which entity holds your paper. You can check them by looking at this website http://www.makinghomeaffordable.gov/tools/does-fannie-or-freddie-own-your-loan/Pages/default.aspxIf your loan does not qualify for that - you can look to buy out of the MI by either doing a Lender paid/Borrower paid MI which eliminates the MI with either a one time up front fee or a higher rate than what you would normally qualify for. VA never requires mortgage insurance. If you are a Veteran this would be your best option at least with my bank in most cases.I would not suggest FHA unless you have no other choice because the FHA PMI rate almost doubles what you would pay with conventional in most cases monthly. 1.25% x loan amount divided by 12 would be your monthly rate. On conventional it usually ranges between .67 to .92 depending upon credit score.Happy hunting.

Sep 6th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

If your purchasing a home, then VA is the only program with no monthly MI.. as others have stated, you can do single premium, or lender paid MI, but with only 10% down.. You're going to pay it.. If your refinancing, and you don't have PMI now, you won't have it on your refinance if you home qualifies for HARP 2.0.. 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. 480-287-5714 WilliamAcres.com

Sep 6th 2012
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Sara Deere (Mortgagequeen2)
#16 ranked lender in Missouri - 608 contributions

More time research to your question has allowed me to find 1 lender that with a 740+ Fico score required, No PMI, 41% DTI, 6 months PITI in reserves, and available for refinance or purchase. Refinance will be rate and term only (paying off only the mortgage debt) no debt consolidation or cash in hand. Contact me Sara at 816-914-9685.

Sep 6th 2012
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Marlon Mitchell (mmitchell)
#6 ranked lender in Missouri - 52 contributions

There are several programs that may help you to avoid paying PMI. If you would like call me for a free consultation at 816-759-0200 into helping you fulfill your home financing needs. I am a local Lender in your area and would love to earn your business.

Sep 10th 2012
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Chris Caporiccio (chris.caporiccio@wellsfargo.com)
#13 ranked lender in New Hampshire - 31 contributions

Hello, I have several terrific options for PMI incuding a one time buy-out that the seller can pay and no HIGHER rate. Please Contact me @ chris.caporiccio@wellsfargo.com

Nov 4th 2013
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