mortgage with no pmi and 5% down?

[Anonymous]

who offers this type of product? we have great credit, but i've never found a lender not willing to do a loan for less than 20% down without PMI.

[Anonymous]

Nobody offers this after 2008.

[Anonymous]

Anonymous wrote:Nobody offers this after 2008.

ok but a recent thread had 2 people saying they have this and got it in 2015 or later.

[Anonymous]

Hi! I am the OP of the credit card payoff and have been offered 5% down, lender paid PMI or no PMI but a higher interest rate. We're talking with Washington First Mortgage, United Mutual Funding, and Sebonic. Quicken also offered it to us.

Of course, we haven't made an offer on a house yet, so there are lots of variables here.

[Anonymous]

Va loan.

[Anonymous]

I got this in 2015, we'll as last week. My sister in law did this as well on a house she closed on in march. I went through the builder's lender in 2015, and a local bank last week. We have great credit, no special program. HHI of $195K, mortgage is $2100.

[Anonymous]

^but "higher interest rate" is the key word

[Anonymous]

I wasn't able to find this either. I actually had 18% down, credit scores of 805 and couldn't get anything without PMI. The best they could offer me was a higher interest rate which I didn't want.

I was also told that PMI NEVER goes away anymore. You need to refinance once you reach 20% to make it go away.

[Anonymous]

We put 10 percent down and prepaid PMI as part of closing costs (which the seller paid) in December 2013. Maybe this is what they mean when they say "no PMI".

But the current market is more of a seller's market than it was when we bought.

[Anonymous]

Anonymous wrote:I got this in 2015, we'll as last week. My sister in law did this as well on a house she closed on in march. I went through the builder's lender in 2015, and a local bank last week. We have great credit, no special program. HHI of $195K, mortgage is $2100.

Sorry, I should add it's not a VA loan (which is no money down btw), and interest rate offered was 3.625% in 2015, and 4% last week.

[Anonymous]

Yes, I'm the PP who named some direct lenders. Basically, they are rolling the PMI into the life of the loan through a higher interest rate. But, we make too much to deduct PMI on our taxes. Taking the higher interest rate we can deduct the full amount from our taxes. Last month I was getting quotes of between 4.25 and 4.65% with 5% down. I think if we could put 20% down, interest rates were like 3.9%.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I got this in 2015, we'll as last week. My sister in law did this as well on a house she closed on in march. I went through the builder's lender in 2015, and a local bank last week. We have great credit, no special program. HHI of $195K, mortgage is $2100.

Sorry, I should add it's not a VA loan (which is no money down btw), and interest rate offered was 3.625% in 2015, and 4% last week.

What bank were you talking to? We also have great credit (804 and 806) and HHI at $180K, so similar stats to you.

[Anonymous]

If you can go up to 10% down i think you would have more options.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I got this in 2015, we'll as last week. My sister in law did this as well on a house she closed on in march. I went through the builder's lender in 2015, and a local bank last week. We have great credit, no special program. HHI of $195K, mortgage is $2100.

Sorry, I should add it's not a VA loan (which is no money down btw), and interest rate offered was 3.625% in 2015, and 4% last week.

What bank were you talking to? We also have great credit (804 and 806) and HHI at $180K, so similar stats to you.

United Bank

[Anonymous]

Anonymous wrote:Hi! I am the OP of the credit card payoff and have been offered 5% down, lender paid PMI or no PMI but a higher interest rate. We're talking with Washington First Mortgage, United Mutual Funding, and Sebonic. Quicken also offered it to us.

Of course, we haven't made an offer on a house yet, so there are lots of variables here.

It's still PMI, just a different way. The lender paid PMI is a lump sum that you pay as a "fee" and the lender purchases the MI. The higher interest rate version builds the PMI into the interest rate the lender is charging you.