· They can put as little as 10 percent down using one loan without mortgage insurance, or they can take an initial mortgage for 80 percent of the purchase price and a second loan for up to 15.
A "no PMI mortgage" is a home loan that does not require the borrower to pay private mortgage insurance monthly. Is 10% down and no PMI a possibility, or will I be laughed. – You could look at an 80-10-10 loan which would avoid PMI by essentially giving you two mortgages – one for 80% of the value and one for 10%, while you put down 10%.
10% Down Payment options up to $3,000,000 are available with a minimum 660+ mid fico score for both full income loan type and our "no tax return" bank statement deposit loans for self employed borrowers. See our page " Bank Statement/Self Employed Mtg" for no tax return options.
Wells Fargo offering no PMI mortgage with just 10% down?!?! Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
and the buyer makes a 10 percent down payment. The second mortgage and down payment together make up 20 percent of the purchase price, thus allowing the buyer to avoid purchasing PMI. The second loan.
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In a sense, that’s an extra 0.9 percent on your interest rate. That’s what it feels like. So you can see that PMI is not a positive thing. Often, a first-timehomebuyer will purchase a house with 10.
One way to finance with both a lower down payment and no PMI is to use a second mortgage loan to cover part of the 20 percent. Lenders refer to this strategy as a piggyback mortgage arrangement. In some circumstances, PMI can be avoided by using a piggyback mortgage.It works like this: If you want to purchase a house for $200,000 but only have enough money saved for a 10% down.