All Forum Posts by: Peace Lily

What you are seeing advertised is just lender-paid PMI with a bumped rate. So there's still PMI, it's just baked into your interest rate, you don't see it, and it's advertised as "no PMI because you're special and we like you and it's a special program!"

If you are going conventional, not FHA, then anyone can do it, without the gimmicks (I mean, unless you enjoy slight of hand tricks, which some people do :P ).

A nice middle ground that I sometimes suggest to folks is to do one of the FTHB 97% LTV programs, and buy the policy out up-front.

I just plugged a high-FICO 97% LTV conforming scenario in, and on this particular evening it spit out 2.25%.

So that would be [ 3% down + 2.25% PMI single upfront payment = ~5.5% ] out of pocket and no monthly PMI or bumped interest rate!

Thank you for your feedback in detail. I will certainly look into it. Appreciated!

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Originally posted by @Sylvia Hall:

Check your local credit unions including Navy Federal (if you qualify). Several credit unions have no money down, no PMI or 97% conventional financing if you plan to live in one of the units.

Thank you for your feedback!

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Thank you for your feedback, Michael Macklin. I know some banks offer their own Home Affordable programs that are not charging PMI but not necessarily cover certain area. I am just exploring different financing options, perhaps I need to put higher percentage down to avoid PMI.

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Thank you Upen Patel. I am buying a multi family house in. New Haven, CT. I would like to live in one unit using as my primary residence and rent out another unit. I am shopping for Mortage banks that can offer FHA loan or home affordable program without PMIamd with good interest rate. Thank you!

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Hi All, I am a newbie in BP forum. I have been listening BP podcast for over one month and it has been a great learning experience. I hope to learn more RE investing from everyone here. I have a question. Does anyone have a good recommendation on portfolio lenders/local banks without charging PMI in New Haven, CT area? Many thanks in advance.

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All Forum Posts by: Peace Lily

Peace Lily has started 25 posts and replied 115 times.

Post: Portfolio bankers/lenders with no PMI

Post: Portfolio bankers/lenders with no PMI

Post: Portfolio bankers/lenders with no PMI

Post: Portfolio bankers/lenders with no PMI

Post: Portfolio bankers/lenders with no PMI