does the fannie homestyle loan have mortgage insurance?

There are options for loans without PMI given your scenario. But unfortunatley the option of homestyle without PMI is not an option. You either have non homestyle with PMI or without or Homestyle with PMI.

Yes I have 5% down payment loans with out pmi. The Homestyle loan with out pmi is not an option. Feel free to call me with any questions,Sean Hegarty NMLS# 9296Amerisave Mortgage Corp.Sarasota Fl443-223-0716shegarty@amerisave.com

YES... any conventional loan with LESS than 20% down have to deal with mortgage insurance somehow. The four basic options are: standard monthly mortgage insurance, single premium, lender paid, and two loans. Anyone telling you there is no PMI is probably offering single premium, where you pay a large chunk upfront at closing, and then have no monthly PMI, or lender paid, where they increase your interest rate to pay for the PMI, and then you have no monthly PMI. None of the options are better or worse on face value. But depending on numerous personal situations, one can be better than the other for some. No all programs offer all options. Any good Loan Officer can help you determine which one is the best for you. In MN, WI, or SD, I can help. Visit www.JoeMetzler.com

The way I would structure the loan is to suggest you prepay the PMI in a lump sum as part of your costs for the mortgage, or you can "finance it" - essentially adding it to the amount you borrow as long as the total is not over 95% of the improved value of the property. This way there is no monthly payment, you've paid it all in advance and the cost could be as little as around 2%, depending on qualifications. I handle a lot of HomeStyle loans (plus other repair escrow options) and would be pleased to work with you. pdumouchel@primelending.com or 843-619-6025 http://pdumouchel.primelending.com **PrimeLending was #4 purchase mortgage lender in the US in 2012 and 2013 as determined by MarketTrac(c) for Jan-Dec 2012 & 2013