How feasible is acquiring an 80-15-5 loan to avoid PMI?

No longer available.. There is a jumbo product out there that will allow an 80/10/10, but the combined rate is stupid, and it's only available on loans over $500K.. You're better off doing some sort of lender paid MI.. Either add it to the interest rate, or an upfront premium.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. 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

Not really available any longer. Lender paid MI is an option. You may be best paying MI on a loan with a great interest rate. Best Of Luck!

They don't really have a structure like that any longer. However you can do a Conventional Lender Paid MI up to 95%.

This program is really not available anymore, you might find something like this at a smaller savings and loan, but yes, I would assume higher rates. You can also do a 100% on the rural housing program that is available, but not all areas qualify for this. The 95% conventional and the 96.50% FHA products currently available are priced at great rates. I would be happy to run some figures for you regarding these programs with no application fees. My direct line at work is 614-865-4826, Sincerely Kitsy Burt

My collegue mentions Rural Housing with 100% financing however, there is the gurantee fee and they have an equivalent of monthly mortgage insurance it's just called something different, but is much cheaper than FHA & Conventional monthly MI. You have to purchase a home that qualifies for that program. Vandalia doesn't qualify. You'd need to search more near West Milton, West Charlston or other areas, again, that qualify. In addition to the property qualifying, there are qualifications that you also would need to meet to be able to use that 100% loan program. If you purchase a HUD home, there's the FHA/HUD $100 program, where all that's required is $100 down and it's otherwise the standard FHA UpFront MIP and monthly; OR the traditional FHA 3.5% down with again, the upfront and monthly MI. Lastly but sometimes least expensively however you have to have the highest credit score to qualify is the Conventional loan programs for the 5% down with MI or 20% down to avoid MI. EXCEPT.... if you purchase a home that is currently owned by FannieMae, you can purchase one of their homes (a home they foreclosed) with little down payment and NO mortgage insurance. They also do not require an appraisal since they know the value of the property. -- you are entitled to inspections and you are entitled to get an independent appraisal for your own information. If you would like more information I can be reached toll free at 888-659-3848. My email is KimFPF@WOH.RR.COM. If you qualify for our lending line, once we have all paperwork gathered we have 18 days guranteed closings. Give me a call if I can help you in any way. Best, Kimberly Lawson NMLS: 5601 OHIO LICENSE LO.004495.000

Essentially, that option no longer exists. A 90 / 10 is potentially possible. Interestingly enough, I just read a report that said last year, there were only 46,000 combo loans written, while in 2006, there were 1,200,000 combo loans written.