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Doe I have to pay PMI on a refi? A lender told me it was a Fannie Mae requirement. But the loan is not from Fannie Mae.

ckalvesmaki's picture
ckalvesmaki | Joined: January 28, 2006 06:28 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

What is your loan to value? MIP is for FHA loans and your loan to value doesn't matter you still have to pay it......The loan doesn't need to be from Fannie Mae......they don't lend directly.............the loan is sold to fannie mae.......PMI is required on loans with a loan to value over 80%....some lenders offer LPMI

Like | Dislike | Share | Posted: Sat, 12/29/2007 - 18:51 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You may run across a lender with no MI up to 85% LTV but it's not common – a negotiated product. LPMI is sometimes pushed as "no MI" but this is inaccurate (brokers just "forget" to leave off the sandwiched "monthly")

Like | Dislike | Share | Posted: Mon, 12/31/2007 - 03:43 | Post subject:

banker0679's picture
banker0679 | Joined: November 15, 2007 10:05 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

PMI is for conventional/conforming products.
[u:650406b39c]MIP is for FHA loans.[/u:650406b39c]

PMI is required by FNMA/FHLMC if you are over 80% LTV on purchase/refinance of the property.

Some lenders may offer you LPMI (Lender Paid PMI).

Like | Dislike | Share | Posted: Sun, 12/30/2007 - 17:00 | Post subject:

lisa.scherzer's picture
lisa.scherzer | Joined: January 4, 2008 08:48 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Fannie Mae backs the mortgage loan that if offered by your mortgage lender. Your lender will still service your mortgage so you really dont deal with Fannie Mae. It is true that they require PMI insurance if you are borrowing more than 80% but there are alternatives to that. For example, some lenders offer "lender paid PMI". This can be quite a savings depending on how much you are putting down, your loan amount, credit score etc. I would compare a lender paid PMI loan before going ahead and paying the PMI. Right now you could still get a rate in the 5's with only putting 5% down with lender paid PMI insurance. To find out which lenders offer this option, go to

[size=9:f5f8f8e271][color=Red:f5f8f8e271][Link deactivated as per forum rules. Thanks.][/color:f5f8f8e271][/size:f5f8f8e271]

Like | Dislike | Share | Posted: Fri, 01/04/2008 - 23:39 | Post subject:

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