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Looking for a reputable lender that offers a 5% Down LPMI loan

Thank you. We already have a pre-approval but looking for other options. by harriet_p65220 from Allison, Iowa. Oct 19th 2015 Reply


Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 237 contributions

I can help you with that type of loan. Call to discuss at your convenience.309-236-3485

Oct 19th 2015
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David Baker (David Baker)
#1 ranked lender in Iowa - 48 contributions

I am in Des Moines and happy to help if you are looking to compare solutions. Conventional also comes in a 3% down payment variety if that is something that you are interested in?David Baker - Halo Capital - 515-974-6908

Oct 19th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,515 contributions

Your request is a pretty standard everyday loan. I always suggest talking to the local mortgage broker in your own back yard. Stay away from the big internet lenders and the banks, and you will be just fine. Good luck...

Oct 19th 2015
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Jason Bennett (jbennett)
#104 ranked lender in Pennsylvania - 67 contributions

I have that product, if you are seeking home in the northeast, We are one of the largest banks on the east coast and very reputable. You can contact me at: Jabennett2@mtb.com or 717-645-6200 NMLS# 147890

Oct 20th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,917 contributions

There are many, but stay away from the "Larger" lenders.. because of their volume, they are much more picky about who they will do a loan for, and if they are not local, they wont be your best source for financing a purchase transaction. but i'm not sure why you would want to go LPMI.. With LPMI, it's built into your interest rate and it's there for the life of the loan.. The only way to remove it would be to refinance. But with borrower paid MI, once you have paid for 24 months, and once you reach 80% equity or more, you can request it be removed, and so long as the value is there (supported by an appraisal you pay for), then they will remove it and you wont have to refinance to do it.. With 5% down and property values increasing 3% to 5% each year, all the while your making payments and paying down your principal, it's very likely you can get the MI removed in as little as 3 years.. 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

Oct 20th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,107 contributions

Very normal loan to get. So I would speak with a couple of other local loan officers and see what they have to offer you. The cost to buy out of mortgage insurance, with 5% down really comes down to your credit score.

Oct 25th 2015
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