Issues with PMI

[Stuart Cairns]

Hi Guys
I recently looked at a property with great potential. I have some personal issues which this would have addressed (would have been owner occupied). It would be my first investment property and this was a perfect investment for me. I have been working with a savings and loan and was all set to make an offer on the property when I was informed that a bankruptcy from 2.5 years ago would prevent me getting PMI insurance.
I was putting 5% down and doing an inhouse loan. This bank doesn't do FHA only Freddie Mac which I was told I wouldn't qualify.
Now they are saying I would qualify through the bank but the PMI insurance company requires 5 years post bankruptcy. This bankruptcy was due to a business failure from 2007 but an attorney was hounding me over payments and was attempting to garnish my wages, so I finally filed. Now I am wish I had just filed immediately.
I had declared everything upfront to the bank I have a decent credit score, above 660 which was the cut off for this loan but I have never heard of PMI Ins having stricter criteria.
Anyone know of any solutions or if there are PMI comanies who I could go through?

[Brian Ky]

You can provide a large down payment so that pmi isn't needed. That would be around 24k plus all closing and financing coast. 

If it appraises for more than 112k then your down payment could be lower.