Question Details

Richard, Home Buyer in Murfreesboro, TN

is there any way of getting out of paying pmi charges.with only 3.5% as down payment.

Asked by Richard, Murfreesboro, TN Thu Jan 29, 2009

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I'm not a lender but I believe the answer is no. Hopefully your property appreciates quickly and the PMI will or can be removed.
0 votes Thank Flag Link Thu Jan 29, 2009
Richard:

There are portfolio products that you may be able to find with no pmi and a low downpayment. However, you typically will pay a higher interest rate in lieu of the PMI.

PMI is tax deductible and only stays on the property for an average of 7 years...
0 votes Thank Flag Link Thu Jan 29, 2009
Odds are no

Downpayment of approx. 20% - or + will eliminate a PMI charges

Confer with mortgage broker review all financial obligations for term of loan for 3.5% down with PMI and larger downpayment no PMI.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Thu Jan 29, 2009
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