10% down without paying Mortgage Insurance?

[Matt Cruz]

Sorry if this is the wrong forum for this question, but I'm hoping someone can shed some light.

Looking to purchase a house to live in (going to rent out my current house).

Purchase price will be somewhere around $410k - $430k.  I would love to put 10% down on this property, however I was hoping to eliminate the need for mortgage insurance.  

What is the best type of loan to get in this situation, and is there anything out there that exists for what I am looking for? I've done a bit of reading on FHA, conventional 97, etc... but I'd rather get an opinion from an expert.

Thanks!
Matt

[Alexander Ross]

@Matt Cruz Many banks/brokers have programs where you will not have to pay PMI with 5-10%, but they give you a slightly higher rate. This is known as LPMI (lender paid mortgage insurance). The difference in the rate will depend a lot on your credit score and down payment amount, but with a solid fico and 10% down the difference is only about .125 in the rate. I would be happy to email of the difference in payments if you want to see them. You can message me through here.