2-4 unit 95% LTV with no PMI

[Gerardo Garza]

Hello, I am having trouble locating a lender that can do a 2-4 unit 95% LTV loan with no PMI in Illinois. Does anyone have any referrals? Best, Jerry

[Kevin Romines]

One of the few programs that you can get 95% LTV on a 2-4 unit owner occupied property is the Freddie Mac Home Possible loan.

i would look into the pricing difference between LPMI and lump sum MI. You can pay the MI lump sum, and have no MI Factor in your monthly payment. Compare that to the LPMI at a higher interest rate or the standard MI on a loan.

If you keep the down at 5% and are doing a conventional loan, you can also look at a split MI. so part of the overall MI premium paid as closing costs and part as a multiplier of your monthly payment. This typically gets you a lower payment then just having the standard MI. And you can get the seller to help pay your closing costs, thereby paying some or all your upfront MI Premium. Pretty cool!!!