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mortgage insurance

do all mortgages with low down payments require mortgage insurance? by DLynch_797_213 from Irvine, California. Aug 29th 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

The only mortgages that don't have MI are 20% down conventional, VA Loans, HomePath Loans (only available on HomePath homes, and at a much higher rate). There is an option to choose Lender Paid MI, however just like HomePath, the rate is higher.. So you're paying it by choosing a higher rate. There's also Upfront MI where the premium is added to the loan.. There are also some non conforming or portfolio products out there where MI is not required, however, higher rates.. if you truly want to avoid MI, then you need to put 20% down... 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

Aug 29th 2012
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f u (mortgagelsrs@skit.com)
#370 ranked lender in California - 1 contribution

Not all mortgages need to have a Mortgage Insurance with low down payments. We have what is called "Lender Paid MI" which means there are no monthly dues for Mortgage Insurance. Now, they do build it into the rate so you will paying a higher rate than if you had the Mortgage Insurance due each month. You have a couple options. It really depends on your future plans with the property whether it be long term or short term. Please feel free to contact me with any questions. We are a Retail Bank in the State of California and also have access to the top Wholesale lenders as well. Adam Hultman408-477-9769 (direct #)NMLS#281240

Aug 29th 2012
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Ed Craine (ecraine)
#352 ranked lender in California - 23 contributions

No. If you are a qualified veteran, VA loans are available with as little as zero down payment and do not require mortgage insurance.

Aug 29th 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

also, some programs do not have mortgage insurance ,, for example, homepath loans, if you buy a fannie mae reo property, a home path home loan is 3% down for primary, 10% down for investors, and no mortgage insurance.. and if you qualfiy for for a USDA loan, there is no mortgage insurance, 100% loan, but the homes have to be in a certain area of each state to qualfyif you want to email me directly , my email is yourloanpartnerforlife@live.com or phone at 602-330-1598 , and yes, can do loans in ca.. linda

Aug 29th 2012
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