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How much is a buyer required to put down on a primary residence home? PMI and non-PMI? by s.slattery772 from Lakeville, Minnesota. Jun 5th 2017 Reply


Tim Swierczek (TimSwierczek)
#23 ranked lender in Minnesota - 25 contributions

I think the answer you're looking for is 3% down for a conventional loan with PMI, but 20% down to have no PMI. The catch is there are many programs and it is possible depending on the loan program and circumstances to get no money down. Also, there are ways to buy out the PMI even with less than 20% down to eliminate the monthly cost. It's best to provide a lender with all the details with a loan application and then check the options you qualify for since I know of many ways to put less than 20% down, and also not have a PMI payment.

Jun 5th 2017
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William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

All conforming lending programs (except VA, you must have VA eligibility).. require mortgage insurance if you do not put 20% down, regardless of how it's pitched to you.. Upfront, lender paid, split premium or borrower paid.. are technically "All Borrower Paid".. For USDA, zero down, and PMI is there regardless of how much you put down... (property must be in a USDA defined area). Conventional First time home buyer, 3% down, otherwise 5% down is the minimum and the MI is tiered based on 3%, 5%, 10% 15%. the more you put down, the lower the premium. FHA requires 3.5% down and virtually every FHA loan will have MI for the life of the loan. regardless of your loan to value. the only way to remove it is to refinance. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Jun 5th 2017
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Nancy J Releford (nancyreleford)
#4 ranked lender in Tennessee - 233 contributions

Usually it is 3% for a conventional & 3.5% for an FHA loan. Although I am located here in TN, I do have one Investor & the only one that I am aware of that allows 1%, the lender actually pays the difference on this loan.Message me if you're interested in contact information for this lender.nancy@homeequitymtg.com

Jun 6th 2017
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Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions

Generally speaking, you need to put down at least 20% to avoid PMI (mortgage insurance). Most people can obtain a primary residence loan with as little as 3% down for a conventional loan, and 3.50% down for an FHA loan. Individual situations may vary, so not every option may be available to you. You can also potentially obtain a loan with less than 20% down and NOT have traditional monthly mortgage insurance. This route isn't free, and generally comes by accepting a higher interest rate, or significantly higher closing costs in lieu of the monthly mortgage insurance. For loans in MN, WI, and SD, click on my name or visit me at www.JoeMetzler.com

Jun 6th 2017
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