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Mortgage loans with No Pmi

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neptunejcw
Regular Contributor

Mortgage loans with No Pmi

I'm looking to see if anyone knows of mortgage companies that do mortgage loans that you don't have to pay pmi, I'm considering doing the conventional loan 5-10% down payment, that way if I do end up paying pmi it will eventually fall off when I get to 80%
Message 1 of 13
12 REPLIES 12
ezdriver
Senior Contributor

Re: Mortgage loans with No Pmi

No way around it, you will pay MI if your down payment is less than 20%. With a conventional loan, the MI can be removed at the 80% or better LTV level. With FHA, no way to get rid of it.

Message 2 of 13
TurboFX
New Contributor

Re: Mortgage loans with No Pmi

Navy federal has 100% purchase with no MI. 1.75% funding fee. You pay a little more in cost, but better in the long term.
Message 3 of 13
ezdriver
Senior Contributor

Re: Mortgage loans with No Pmi


@TurboFX wrote:
Navy federal has 100% purchase with no MI. 1.75% funding fee. You pay a little more in cost, but better in the long term.

Is that available to non-military borrowers? 

Message 4 of 13
TurboFX
New Contributor

Re: Mortgage loans with No Pmi

You dont have to be military, but you have to be a menber.
Message 5 of 13
TurboFX
New Contributor

Re: Mortgage loans with No Pmi

Its very simiar in structure to a VA loan from what I can see, but you don't have to be military just a member. You can put more down to get a lower rate, but they can do 100% with NO MI. You pay for it woth the 1.75 funding fee, but you get the full tax deduction because you don't pay MI.
Message 6 of 13
StartingOver10
Moderator Emerita

Re: Mortgage loans with No Pmi

There are lenders (mortgage bankers) that can do a 90% conventional (Freddie Mac) with no MI.

PM if you want a referral.

Also check your area for regional lenders and those that have portfolio loans.

Message 7 of 13
Shogun
Moderator Emeritus

Re: Mortgage loans with No Pmi

There is also an FHA alternative loan for those with a CDIB card from a recognized Native American tribe.

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Message 8 of 13
ezdriver
Senior Contributor

Re: Mortgage loans with No Pmi

Just checked. There are many eligibility requirements. I answered all the eligibility questons ... and found that I was not eligible. So much for that.

Message 9 of 13
Mrs_hambright
Frequent Contributor

Re: Mortgage loans with No Pmi

I am using PHFA there is no pmi but the interest rate is slightly higher
Message 10 of 13
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