Local lenders with low down and no PMI programs

[Joshua Filkill]

Hey all,

I'm looking to house hack a duplex in Lakewood and would love to not have to pay PMI. Does anyone know any lenders that'll do a low down payment mortgage with no PMI in the Lakewood area?

[David Mackin]

There are ways to make it happen, but the cost has to come from somewhere. There are Lenders that will finance the cost to buy out PMI by adding the cost to the loan amount. Like @Bob Okenwa said, this will probably result in a higher interest rate since you now have a higher loan amount.

The key is calculating the difference in monthly payment between paying PMI or having the rate increase.

If financing the premium for PMI gives you a lower monthly payment and your goal is to cashflow, then it might be worth it.

Hope this helped!