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Reply to "mortgage with no pmi and 5% down?"
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[quote=Anonymous][quote=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. [b] I was also told that PMI NEVER goes away anymore. [/b]You need to refinance once you reach 20% to make it go away. [/quote] This is WRONG. It depends on the loan you get. It never goes away on FHA loans. But if you get a conventional loan, that is a different story. They have to tell you the terms upfront. I'm guessing it's a real estate agent who told you that. My advice is not to listen to real estate agents WRT loans. Call a loan officer and ask for all options. Most assume people want FHA if they aren't putting 20 percent down. But there are conventional (non-FHA) loans that don't require 20 percent down. You just have to ask about them. Their PMI is often a lot lower than the FHA PMI if you have good credit. [/quote]
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