Financing in 11720>Question Details

Brian Collins, Renter in Ronkonkoma, NY

Is there a mortgage that accepts 10-15% downpayment but without pmi?

Asked by Brian Collins, Ronkonkoma, NY Mon Feb 25, 2013

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Brian, there are several options. If you find a leder who has the ability to do what's called lender paid PMI (not many lenders if there even is any out there), keep in mind that this MI is pretty much worked I to the rate. This means you'll be paying a higher rate to absorb the MI for the life of the loan, as oppose to accepting MI on a temporary basis.

In New York State what can also happen is that if your loan amount, after the 10-15% downpayment equals 80% or less of the appraised value, you will not be required to take out any sort of MI. This does happen from time to time.

Make sure you ask all these questions to the Loan Officer you're working with. If you need someone, feel free to contact me. I'm always available to meet face-to-face. Good luck.

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
3 votes Thank Flag Link Mon Feb 25, 2013
I do work with a lender who allows 10% down and does not charge PMI. If you'd like to discuss matters further please contact me at your earliest convenience.


Kindest regards,


Paul Marzolla
Loan Officer
(201) 957-6768
pmarzolla@unvmortgage.com
0 votes Thank Flag Link Tue Feb 26, 2013
Wow I can't even believe I missed this. There is a HomePath program that does not require MI. That is a Fannie Mae loan ONLY for their REO properties, so it won't apply to just any properties. You also have VA loans, which is for veterans, these loans also don't carry any MI.
0 votes Thank Flag Link Tue Feb 26, 2013
Yes, There is one for 2% down. There is also something called lender MI, where you get a higher rate on your mortgage with no MI. Feel free to contact me directly if you have additional questions. Regards, Jim
0 votes Thank Flag Link Tue Feb 26, 2013
Hi Brian, I would suggest that you call Javier, or another qualified mortgage broker and discuss the specifics of your situation with them. You should also have your agent scout out undervalued homes so that your downpayment would work harder for you.
Tom Brady SFR, e-Pro, SRES, GREEN
Licensed Real Estate Salesperson
Notary Public, Ret. NYPD Lt.
631-682-8660
Tom@BradyFamilyRealty.com
http://www.BradyFamilyRealty.com
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Plaza - Suite 104
Plainview, New York 11803
0 votes Thank Flag Link Mon Feb 25, 2013
PMI is required for loans that don't close with 20 percent down; see link for some helpful information.
http://portal.hud.gov/hudportal/HUD?src=/program_offices/hou…
0 votes Thank Flag Link Mon Feb 25, 2013
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