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Looking for a 5% down payment loan option with NO PMI in CA

by gabrielle323 from San Francisco, California. Apr 14th 2016 Reply


It doesn't exist.

Apr 14th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

No such thing.. Lending guidelines require 20% down to avoid paying PMI.. However, there are options to where the MI can be "Lender Paid" but this make no mistake, it's YOU paying.. Lender paid PMI is when the lender raises the interest rate on the loan and with the added income from the higher rate, they pay the MI for you.. This type of PMI is non-cancelable and non refundable. It's there for the life of the loan. There are also upfront PMI options where you pay a one time fee and then there is no monthly MI.. but again, YOU pay it, and it's non refundable/non cancelable. Believe it or not, if you don't have 20% to put down, then your far better off paying PMI monthly than any of the lender paid or upfront type PMI programs.. Let's say you only put 5% down, and you have really good credit scores, say 740 or above.. your PMI payment would be $35 per month for every $100K financed, but with a healthy housing market with appreciating between 3% to 6% then within 3 to 4 years, you would be at 80% loan to value, and once you hit 20% equity and 3 years has passed, then you can call your loan servicer and ask if they will remove the PMI.. so long as the property appraises, you can get it removed and you wont have to refinance to do it.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Apr 15th 2016
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Blake Kleckner (BlakeK)
#360 ranked lender in California - 250 contributions

You can get a loan with a 5% down payment without having to pay MI monthly. We have many lenders who offer this program. Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. If you get a chance, read some of my blogposts on Lender411. They are quite informative. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. I started doing mortgage loans in CA in 2006, and only do them there so I have an exceptional understanding of this extraordinary market. Representing more than 55 quality lenders that offer in excess of 1,000 loan programs, we definitely have something for everybody.

Apr 22nd 2016
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