Home Buying in 22030>Question Details

Penny Pickett,  in Seattle, WA

Who offers a 5% down no PMI loan in Seattle?

Asked by Penny Pickett, Seattle, WA Fri Apr 6, 2012

Does anyone know is offering a 5% down no pmi home loan right now - on 30 years - or even 15?

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6
Wellsfargo Home mortgage has programs with no MI- lending in 50 states. visit kimgmortgage.com
0 votes Thank Flag Link Tue Apr 22, 2014
I'm going to have to go with Bobby Atkisson on this one if subject property is NOO investment. In terms of moving out of current Condo to new Condo there may be some occupancy issues in underwriting. Where does he live now and how far away is the new place? Is the new place closer to work? Is it a bigger place than current? I just don't want you to do a lot of work on this and it dies in underwriting.

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0 votes Thank Flag Link Wed Jul 31, 2013
I noticed in your comment to Mr. Burke you are looking for an income producing property on this one? If this is going to be non-owner occupied an an investment property I do not know of any lender that will allow for you to only put 5% down. The LPMI programs are for owner occupied only. Investment property requires a min of 20% down.
0 votes Thank Flag Link Wed Jul 31, 2013
20% down, that is the only way to avoid that PMI
0 votes Thank Flag Link Wed Jul 31, 2013
Depends on a lot of things conventional yes there is lender paid MI if the scores are there. If you client is a veteran they can do a VA loan with no MI and 0% down. If your home is in a USDA approved area you can do 0% down with a very small MI.
I would love to discuss more as we have many options for all the above.
0 votes Thank Flag Link Wed Jul 31, 2013
hi Penny:

Depending on scores, Lender Paid MI is available.. What is the loan amt and your 3 recent scores if I may ask?

MIke
703 505 5300
NMLS# 754875
0 votes Thank Flag Link Fri Apr 6, 2012
He has shown me one condo he likes - which is higher in cost - that he would consider moving into himself - then renting his current unit.
Flag Tue Apr 10, 2012
The loan amount would be for around $390,000
Flag Fri Apr 6, 2012
I am asking for a client - who has a great credit score - and is looking at a new condo in Seattle. I believe his scores are somewhere around 746 or somewhere there.
Flag Fri Apr 6, 2012
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