Financing in Cincinnati>Question Details

Yoscott, Home Buyer in Cincinnati, OH

Are there financing options out there still to avoid PMI altogether given that we have an 820 credit score and will be putting 5% down??

Asked by Yoscott, Cincinnati, OH Sat Mar 22, 2014

We are in the process of selling our current home. We will be clearing about $25,000 from the sale but are looking at a new home around $200,000. In the interest of paying down some credit card debt, we will only be putting 5% down on the new home. I took a hit credit-wise a couple years ago when I became unemployed, so my wife will be the sole applicant. She has impeccable credit with an 820 score - never had a late payment - and an income of $66k annually. We/she have no other loans of any type. She has 2 credit cards with combined payments of roughly $350 per month.

I know there are FHA, USDA, and conventional loans out there. But are there any 80/15/5 products still around? LPMI could save a few bucks but the MI is locked into the payment for life with that. With my wife's credit and income, I guess I'm mainly curious to know which product would provide the best deal possible and the lowest out of pocket expenses.

Help the community by answering this question:


Yes there are options available. We have two loan products that dont require mortgage insurance and go as low as 3% down. Feel free to contact me for the details. We have branches all over Cincinnati, OH. Let me know your availability and we can schedule an appointment.

I look forward to having an oppertunity to earn your business.

Tom Webb
WesBanco Bank
Mortgage Loan Officer
NMLS ID 1000507
5511 Cheviot Road
Cincinnati, OH 45247
513-901-7030 Direct
513-448-9078 Cell
513-504-2902 Personal
0 votes Thank Flag Link Wed Jul 9, 2014
I'm not sure if you have condiered it but it sounds like you are looking for a 30 year fixed rate loan. One option you have is to go with a conventional ARM loan. Although you will still have PMI, most likely your change in rate will help you to eat up some of those costs.

There are always options out there that allow for lender paid PMI or the 80/15/5 option. Do you already have a lender that you are working with? My suggestion would be to contact him/her (if you have one) and see what they feel your options are.

If you don't already have one, please contact me and we will figure out what will work best for you situation. How long do you plan to keep the new home? What are you goals for the next 5-10-15 years?

Contact me if you'd like to chat more and I'll let you know what I feel your best options are.
208-818-3768 or

Best of luck if I don't hear from you
0 votes Thank Flag Link Thu Mar 27, 2014
With us you have a couple of options, the mortgage insurance can be paid upfront, the mortgage insurance can be split or you can take a higher rate to have lender paid mortgage insurance. This is all offered with a minimum of 5% down.

Let's discuss your loan scenario in more detail. Contact me at 800 315 8803. My name is Bart and I have been offering loans since 1987. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. Until then, I look forward to hearing from you.

Bart Gabe - Lending Nationwide Since 1987

800 315 8803
0 votes Thank Flag Link Thu Mar 27, 2014
I know a lender that can do 100% Financing with zero money down with a 620 min credit score. Feel free to contact me if I can get you some information as I don't want to put a plug on the comment.
0 votes Thank Flag Link Thu Mar 27, 2014
Also no PMI.
Flag Thu Mar 27, 2014
I have several trusted loan officers in the Cincinnati area which I can refer you to. They have been in the business for many years and offer a wide variety of loan options. I would be happy to assist, give me a call at 513-808-4396.
0 votes Thank Flag Link Mon Mar 24, 2014
Several options, including LPMI. Another I am using for my clients is one time premium MI, using a lender (or seller closing cost) credit to cover the cost. I write loans in all states, so glad to discuss your choices in more detail if you'd like!
0 votes Thank Flag Link Sun Mar 23, 2014
Yoscott, So far you have recieve a couple of good replies. As they said there are ways to avoid the Monthly PMI. Even the 80/15/5 comes with a cost as you will likely have a higher rate on the 15%.portion of the loan.

I would suggest you contact a lender that is authorized to do loan in Ohio and let them make their proposal of options to you.
0 votes Thank Flag Link Sun Mar 23, 2014
I know you said you wanted to pay down credit cards, but I think the best bang for your buck would be doing 10% with a financed single premium. This way you get market rate on the 90% for the life of the loan. The single premium should be around 1.3% area.
0 votes Thank Flag Link Sat Mar 22, 2014
You should consider conventional 95 LTV loan with borrower paid mortgage insurance(monthly). On a loan of $190,000 at fico 820 and debt to income ration of 45 your monthly payment for this will be $85.50. Once your loan to value reached 78% it will automatically come off. You don't have to pay this for the life of the loan as the case is with FHA.

Good Luck!

Sanjeev Ahuja, NMLS #148731
Mortgage Broker
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Phone 917-517-2552
NYS Registered Mortgage Broker, Dept of Financial Services, Loans arranged through third parties (NMLS # 885573)
0 votes Thank Flag Link Sat Mar 22, 2014
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