topic No PMI Mortgage Options? in Mortgage Loans

No PMI Mortgage Options?

Anonymous — Wed, 23 Jan 2019 20:37:03 GMT

I was approved for $450k with 3% down but PMI is around $350/mo. Any other options out there to remove PMI other than the obvious put 20% down which I do not have? I've found some but there's usually a limit of income or loan amount.

Thanks

non military

690

$9500/mo salary, $1200/mo debt

have to go fannie mae due to ibr on student loan

Re: No PMI Mortgage Options?

NC_Mtg_Loaner — Wed, 23 Jan 2019 22:39:30 GMT

That's just it......

there are no competitive loan program options for NO MI w/out 20 % down unless you find that rate being offered includes the PMI in the loan rate--aka LPMI where the lender pays it for you or if you pay it in a single premium or a split premium---either way my advice would be to either save another 2% so you can obtain a more affordable MI rate or just be super diligent to pay extra principle early and often so you can remove it down the road once your equity stake reaches 78%.

Re: No PMI Mortgage Options?

Anonymous — Thu, 24 Jan 2019 18:52:38 GMT

I am in a similar situation we decided to go with Conventional 30 yr on a 450k house with 5% down. PMI is less at 270. We realized that if we can pay ahead we can get the PMI removed. The LPMI will be on the interest for the life of the loan. You could refinance but interest rates are expected to rise moving forward.

Re: No PMI Mortgage Options?

800scoreplease — Mon, 28 Jan 2019 03:46:31 GMT

There are no other options that I know of without 20% down. You can always refinance when you have 20% equity in. We just reached 20% equity but the conventional interest rates are much higher than our current 3.8 FHA loan so we are waiting for rates to drop to refinance.

Re: No PMI Mortgage Options?

Anonymous — Mon, 28 Jan 2019 17:59:00 GMT

I'm getting ready to start my house hunting process. My local credit uinion has a 100% financing no PMI program. Must be a resident of NC, SC, TN, VA or GA.

NCSECU - North Carolina State Employees Credit Union.

Only drawback is it's a 5/5 ARM. Will have to refiance in 5 years if the interest rates dont look favorable.

Not sure where you're located but letting you know just in case it's a option.

Edit: Also, NCSECU goes by the student loan payment on the credit report, even if it's 0. Thats my situation.

Re: No PMI Mortgage Options?

Anonymous — Mon, 28 Jan 2019 17:58:45 GMT

Thanks. I'm in NC but I'm not (nor anyone in my family) a state employee.

Thanks though

Re: No PMI Mortgage Options?

Anonymous — Mon, 28 Jan 2019 18:01:21 GMT

NCSECU is really lax about verification. I know friends who got other friends in by claiming them as family.

Re: No PMI Mortgage Options?

Anonymous — Mon, 28 Jan 2019 18:10:37 GMT

ok......now i'm interested

Do you know what their down payment options are?

Re: No PMI Mortgage Options?

Anonymous — Mon, 28 Jan 2019 18:11:53 GMT

oops.....just saw where it's 100% if first time which we are

Re: No PMI Mortgage Options?

Anonymous — Mon, 28 Jan 2019 19:10:30 GMT

What’s the rate? I can almost guarantee the PMI is added into that. Also I would think a lot before getting into an ARM in a rising rate environment vs locking in a relatively low rate now. OP can you come up with a little more down payment? It will save you in the long run.

Re: No PMI Mortgage Options?

Anonymous — Mon, 28 Jan 2019 19:15:28 GMT

ok....I have a funny. I forgot my mom drove a bus for 20yrs and is a current member

Going to join today and see what's up. Thanks a ton for the suggestion, I would have never thought of it.

Re: No PMI Mortgage Options?

Anonymous — Mon, 28 Jan 2019 19:19:23 GMT

4.875

PMI built into what?

I can't come up with enough to get rid of PMI. The 3% alone was going to stress me if I'm trying to buy within 60 days. Convventional rate I was quoted was 5.1

Re: No PMI Mortgage Options?

Anonymous — Mon, 28 Jan 2019 19:24:04 GMT

https://www.ncsecu.org/Mortgages/SpecialMortgages.html

Here's the option I was talking about. First time home buyers..

Re: No PMI Mortgage Options?

Anonymous — Mon, 28 Jan 2019 19:28:14 GMT

yep....I've been reading it. I called them. Going tomorrow to join and talk about the mortgage option.

Re: No PMI Mortgage Options?

Anonymous — Mon, 28 Jan 2019 19:31:04 GMT

@drpaul

Let me know how the process goes. I'll probably be app'ing in a month or two.

BTW. I just joined a few months ago and got 2k on thier CC with 10.99 APR.

Re: No PMI Mortgage Options?

Anonymous — Mon, 28 Jan 2019 19:32:22 GMT

nice.....i'm looking forward to being a member for the many benefits I've always heard about.

ps - I run a swim team so I use the word "dryland" alot

Re: No PMI Mortgage Options?

Anonymous — Mon, 28 Jan 2019 19:33:43 GMT

Ex-Navy... hence dry-land LOL

Re: No PMI Mortgage Options?

Anonymous — Mon, 28 Jan 2019 19:37:34 GMT

ha.....nice

thank you for your service

Re: No PMI Mortgage Options?

Anonymous — Tue, 29 Jan 2019 17:50:52 GMT

Dryland-

Just wanted to follow up with you. Went today and joined NCSECU. 30min later walked out with an approval for the first time home buyers program of $350k (100%, no PMI, +$2k in closing cost, 5yr ARM 4.875). I know there's still an underwriting process but it sounds pretty simple. They didn't even use all my income.

Thanks again for commenting on my post. I would have never thought of it. If I could give you a hug or buy you a beer.....I would

Paul

Re: No PMI Mortgage Options?

Anonymous — Tue, 29 Jan 2019 18:01:52 GMT

Congrats!

Glad I could be of help.