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No PMI with 10% down in AZ?

Looking to purchase a new build home. $500K purchase price with 10% down. Credit score is around 730. What's my best option? by azMike from Chandler, Arizona. Jul 22nd 2015 Reply


Derick Condron (rightstartoregon)
#32 ranked lender in Oregon - 598 contributions

You could look at doing a 417,000 first having a 33,000 dollar second and having your down payment be 10%.

Jul 22nd 2015
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

I have a great program that will allow you to do a 90% first and 10% 2nd.. closing consecutively, and the rate would be much better than you doing a jumbo with 10% down.. I would be happy to put together some numbers for you.. and I'm local!! 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

Jul 22nd 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,944 contributions

Any mortgage loan over 80%, and you have to deal with mortgage insurance someway. Standard monthly, single premium (either borrower or lender paid), or two loans. Because it is significantly cheaper for many people on conventional loans today that in the past, especially for those with good credit, when doing the math, most people opt to just take the standard monthly PMI. Lender paid mortgage insurance, where you slightly increase the interest rate to pay for the insurance is popular, and you can potentially do an 80% first (or in this case, a $417,000 first), and have a second for the remaining up to 90%. Rare is it I do the two loan option anymore...

Jul 23rd 2015
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