Conventional Mortgage with Less than 20% Down and No PMI?

[Dennis Cobos]

Hi everyone! I will be investing in my first property (duplex or triplex) in the next few months, hopefully around May, in Sacramento CA. I've been working with an agent already and have started to narrow down my criteria and know what price range I can afford. For financing, I will be able to do between 10-15% max as down payment. I have heard from multiple people in podcasts who have done less than 20% down using a conventional mortgage with the perk of not being charged PMI. I don't want to be charged PMI if possible. Has anyone on here gotten a conventional loan with less than 20% down and not been charged PMI? If so, who was your lender? Otherwise, does anybody have recommendations for specific Lenders/Banks I can try who do conventional loans, allow less than 20% down payment and DON'T charge PMI? Thanks in advanced!

[Albert Bui]

There will always be PMI with less than 20% down payment in one "way," or another. Sometimes the marketing says no MI but its baked into the rate, or the seller is paying for it through seller credit or single (one time) premium, or its lender paid (via higher rate).

The other way is the borrower just pays it monthly, split premium, or single premium as well.