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lenders with no PMI

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faithhopelove1978 Joined: 09 Apr 2011 Posts: 1 1.39 Dollars($)	Posted: Sat Apr 09, 2011 9:32 am    Post subject: lenders with no PMI Like 0 Dislike 0 Hello, can someone give me a list of some lenders that have loans for First time home buyers with out PMI insurance. Thank you
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Sat Apr 09, 2011 10:07 pm    Post subject: Like 0 Dislike 0 Hi faithhopelove1978, Welcome to Mortgage fit, You can go through our communities list of lenders and can contact any of them which is giving service in your locality... http://www.mortgagefit.com/lenders/dir In order to get a loan without PMI...one should fulfill some basic criteria... 1.down-payment should be more or equivalent to 20 % of the proposed property. In order to simplify it further.... Get a 1st mortgage for 80%, and a 15% 2nd mortgage. There will be no PMI! The interest is higher on the 2nd, but the interest is tax deductible, and PMI is NOT. Feel free to ask any further query if you have..... DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Mon Apr 11, 2011 12:20 pm    Post subject: Like 0 Dislike 0 Dipa, under current tax law, mortgage insurance premiums are deductible. That's subject to change, of course, but it's been like that for a few years now. Then again, with the financial issues we're having in this lovely domicile of ours, no tax deduction is guaranteed long term. There's a lot of rumbling about the deductibility of mortgage interest. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Mon Apr 11, 2011 6:10 pm    Post subject: Like 0 Dislike 0 Thanks george for the correction....My apologies to all the concerned parties involved.. DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris
raymond Community Expert Joined: 03 Jul 2009 Posts: 1189 Location: Irvine, California 27.86 Dollars($)	Posted: Tue Apr 12, 2011 7:02 am    Post subject: Like 0 Dislike 0 USDA and VA Guaranteed Home Loans don't have PMI, so you may want to research those. Both have a fee though, but it's not PMI. They're also the only two programs that offer 100% financing. _________________ Raymond Denton www.RaymondDenton.com
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Wed Apr 13, 2011 10:56 am    Post subject: Like 0 Dislike 0 It's a pleasure to be of service, Dipa. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
Guest	Posted: Wed Apr 13, 2011 2:59 pm    Post subject: Like 0 Dislike 0 Used to be, if you’re FICO was good (slightly above the arithmetic mean of 720 or so), you could get a FNMA 85% conventional without MI. As far as I know, Fannie hasn’t included that feature in contracts for over a year. The annual flub promotion is likely about to run out of funds for the year but in most locations it’s $5,000 in “free cash” – not a loan but a deed restriction with a prorate five year cap. Worth looking into but you need to use a FHA mortgage which has, you guessed it. Mortgage insurance.
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Thu Apr 14, 2011 12:23 pm    Post subject: Like 0 Dislike 0 I'm utterly unfamiliar with 85% ltv conventional loans with no mortgage insurance. I'm also utterly unfamiliar with the "annual flub promotion" that is described. Assuming that there's anything to either of these, can we get some clarification, please?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Thu Apr 14, 2011 12:37 pm    Post subject: Like 0 Dislike 0 I have no notion of an 85% ltv conventional loan without mortgage insurance, regardless of credit score. Furthermore, I also have no notion of what an "annual flub promotion" is. Can you provide us with additional information, please, so we can decipher what you're discussing? Thanks, Guest.

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