Any loans that waive MI but with less than 20% down?

There are some loan programs that do not have MI, such as 80/10/10, and lender paid mortgage insurance. Lender paid, the mortgage insurance is built into the rate. Talk with a loan officer in your area, who can price out the different programs so you can choose whats best for you.

As Chris pointed out, some lenders offering lender paid MI loans with 10% down loans - you take a slightly higher interest rate, say 1/4% to 1/2% higher, and the lender pays the MI. This can be a good alternative - you might pay $60 or so more per month due to the higher rate, but then you might save on the $100-$200 MI. Another option - do you live near a rural area? You can get USDA loans with nothing down AND no MI for purchases in smaller towns - usually 20,000 or smaller population. There are income limitations for qualifying. You should definitely ask your local lender about this, or just Google USDA loans and check it out!

There are options as noted already, so the best option for you is to choose a mortgage professional to work with who has access to all the mortgage programs that you may want to explore for pricing to be able to make the best decision possible going forward. Lender Paid MI would be one option, but you need to weigh the cost of having the MI built into your rate as opposed to having MI as monthly expense. When MI is included in your rate, the only way to not pay that anymore would be to refinance out of that loan. With MI being paid outside of the Rate on a Monthly Basis, you can always have that payment eliminated once you have the adequate amount of equity in your property (usually 22%). So, if you put 10% down and your property value increases by 10% over the next 2 years and you manage to pay down the principal balance by 2% or so, you can ask your current lender to remove the MI. They will have you pay for an appraisal to determine value and as long as the appraisal provides for the 20+ equity cushion, your MI should be eliminated. Again, this is not possible when you use Lender Paid MI as it is built into the rate for the life of the loan. Good Luck!

You can still have the lowest possible rate on a conventional loan and eliminate mortgage insurance by paying up front. The more you can put down the less it will cost. Again, as mentioned, speak with a mortgage loan advisor, they can assist you in putting together the various payment and cost scenarios.

You may have a few options, you can do a 80% 1st mortgage with a 10% 2nd mortgage and only put down 10% or with as little as 5% down on a conforming loan you can buy out of your mortgage insurance as a onetime cost. The cost to buy out of the MI is based on the loan to value, debt to income ratio, if your self-employed, your credit score and is a certain percentage of the loan amount. This can be paid by you bringing in this amount to closing or you can raise your interest rate to receive a closing cost credit. To find a good loan officer in Arizona just look at the top right of this page under the Community tab and click Find a Lender and you will find some great loan officers to choose from. Best wishes, Sean