How can you avoid PMI on a purchase with 10% down in california?

Yes! we have programs that allow an 80% first and a 10% Piggyback HELOC which would help you eliminate PMI. We also have a program that can do a 97% loan to value purchase with No MI depending on the property you are purchasing. www.covenantdirect.com

Second mortgages are there. But, be sure to do the math. Avoiding MI does not always serve the largest benefit! Consider both options. They both should be shown to you by the LO you decide to work with.

we have a program where we can go to 90% with a HELOC and an 80% loan in front of that to avoid mortgage insurance. There is another way to do it and that is what we called Lender Paid Mortgage Insurance and it either has a 1 time payment or takes a little higher rate. The best thing to do is to have a conversation with a mortgage professional to determine the best course of action. There are pros and cons depending on your specific situation. I am in CA too and I am at (866) 385-1650 or hans@fpfmail.com

Depending on the details of your qualifications and the type of loan that makes the most sense, there are also ways to eliminate the PMI payment which an experienced and knowledgable mortgage officer will explain to you and compare to the piggyback option.

Hi Steve, you'll avoid any mortgage insurance by combining a first and 2nd mortgage; 80% LTV primary fixed loan and a 10% Home Equity Line of Credit 2nd.To qualify you'll need a credit score of no less than 700 and your total qualifying debt ratio cannot exceed 43% of your gross monthly income.We're an exclusive CA mortgage company. I welcome your call or email, anytime, to Tim Gray, 888 345-2554 x.2226 or tim@mortgage-alliance.net.I look forward to hearing from you.

To eliminate PMI you you have to have 20% down, which means you have an 80% loan to value. The best advice is to talk to a fully licensed loan originator located in California. You can find them on NAMB, The Association of Mortgage Professionals website at www.namb.org