Can you get PMI for a downpayment of less than 20% on a conventional mortgage if you have a co-signer?

Asked by Derrick Miller, Union City, MI Sat Jul 20, 2013

Have a job offer, but have not started yet. My parents want to cosign to expedite the mortgage approval and purchase processes before I could do this on my own.

I have more that 10% but less than 20% downpayment. I could ALSO borrow the remaining funds from my parents but would rather bare this burden on my own by paying less downpayment and carrying PMI, if possible, until I've reached the appropriate equity level to cancel PMI.

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Answers

16
Evelyn S. Fr…, Agent, Chicago, IL
Mon Jul 22, 2013
Hi Derrick,

Obviously your best option is to contact a lender directly. I would start with Sam Sharpe, Guaranteed Rate, he's awesome!

Otherwise check with Matt Bukovy with Wintrust Mortgage at mbukovy@wintrustmortgage.com.

You can have your credit ran 3x within a 30 day period with 3 different mortgage lenders and your credit will not take 3 hard hits.

Good luck!
1 vote
Manuel Brown, Agent, Chicago, IL
Mon Jul 22, 2013
Derrick,

Sam Sharp gave you the best answer
1 vote
, ,
Mon Jul 22, 2013
This is not a problem at all as long as everyone qualifies from a credit/income perspective
I would be happy to offer you a competitive quote and answr any further questions that you may have
Please feel free to contact me at your convenience
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773-290-0455
1 vote
, ,
Fri Nov 15, 2013
For mortgage help, call or email for a free pre-approval in less than 10 minutes. We lend our own money and are licensed in 49 states and you can apply online at http://www.myccmtg.com.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.

Brad Neumann
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
Email: bneumann@myccmortgage.com
NMLS# 948036
0 votes
Santiago Ken…, Agent, Chicago, IL
Tue Aug 20, 2013
That's a great question for a lender
0 votes
, ,
Tue Aug 20, 2013
Could you put 15% down? We offer tandem second mortgages to avoid pmi.

Greg Bleyl
216-496-0211
greg.bleyl@charteronebank.com
NMLS 117969
0 votes
Riccardo War…, Agent, Bolingbrook, IL
Mon Jul 22, 2013
you can get Lender Paid MI.... going conventional
3% down



Riccardo Wardlow
Owner
Quality Mortgage Lending
630-670-8266

RATED A+ WITH THE BBB

*We do Conventional loans down to a 620 score
*We do FHA loans down to a 580 score
*We do USDA loans down to a 620 score (no money down)
*We do $100 down payment FHA program
*Unlimited Loan To Value refinances on Fannie/Freddie refinances (only on loans originated before May 31st 2009
*We do VA loans down to a 620 score
*We give free counseling on what needs to be done to improve your credit score.
*We do 203k loans down to a 620 score
*We do reverse mortgages
*We do JUMBO loans to 12 million
0 votes
Kevin and Ju…, Agent, Wildomar, CA
Mon Jul 22, 2013
Looks like you've gotten good answers - Good luck!
0 votes
Daniel Porter, Agent, Chicago, IL
Sun Jul 21, 2013
Call JD Cortese at Guaranteed Rate , 773.290.0367 ask about Lender Paid PMI, Rates just dropped for this.
0 votes
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773-290-0455
Flag Mon Jul 22, 2013
Bill J Delig…, Agent, Naperville, IL
Sun Jul 21, 2013
Yes it is possible as long as income, credit, assets are all acceptable.

If you can avoid PMI, do it.
0 votes
Nicholas Rad…, Agent, Chicago, IL
Sun Jul 21, 2013
Derrick,
Have you talked to a lender about an FHA loan? In my experience I have found FHA to be much more cosign friendly than conventional loans.
Nick Radakovich Home Sales Realty
0 votes
Hrosas14, Home Buyer, Chicago, IL
Sat Jul 20, 2013
Hilda Rosas/Real Estate Managing Broker

You do not have to pay PMI with 10% down payment.
You can also qualify for down payment and closing cost assistance if you are first-time home buyer, or have not own a property for the last three years.
this info. is for the Cook County in Illinois.
Call me if you have other questions.

Hilda Rosas/Real Estate Managing Broker
773-485-5480
Chicago, IL
0 votes
Joe Schiller, Agent, Chicago, IL
Sat Jul 20, 2013
the equity is dependent on the appraisal which will be conservative at no PMI time
0 votes
Deb Russcol, Agent, Chicago, IL
Sat Jul 20, 2013
All sorts of loans out there these days. Almost as good as the "good old days" but without the crazy that went with it.

May be there is a loan that will help with the down payment though if your parent's income is too high that could knock them out.

Santiago suggested calling several lenders. I"ll give you some names of lenders I have worked with for many many years. Check with each of them to see what sort of products they have that would work with your situation.

Rick Lapins - Wells Fargo 312-274-4133
Matt Tierney - Guaranteed Rate 773-290-0365
Joe Helfrich - American Portfolio Mortgage 773-835-5626

Each of them will have programs that differ from the others. Let one do the credit reports and then tell the others your score.

Let me know if I can help with the search.

Deb
0 votes
Martin Sanch…, Agent, Chicago, IL
Sat Jul 20, 2013
Contact me at martinsanchez@realtor.com or my cell 847-987-2198 and I will give you a contact
for a less than 5% conventional loan with no PMI

Best of luck to you
0 votes
Santiago Ken…, Agent, Chicago, IL
Sat Jul 20, 2013
Depends a lot of type of loan , some loans with 5% down don't have Pmi .
Call 3 lenders and ask for this type of conventional loans
Good luck
0 votes
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