I am looking at a 550k home, I have 100k to cover down payment and closing costs. What is my best option?

Mortgage insurance is required for any loan that exceeds 80% of the purchase price. You have approximately 18% for a down payment, which doesn't take into account about $4,000-$5,000 in total closing costs.If you absolutely don't have the 20% down, you will either pay for mortgage insurance in addition to the monthly P & I, or have it built into the payment with Lender-Paid MI.I'd be happy to discuss all your options and provide rates, costs, and monthly payments.Alan Van ZeePresident - Hawaii Mortgage Company808-988-6622

Aloha KennethCall me at 808-225-5571George Beavin, JDBranch Manager First Hawaiian Mortgage Assn

We have a program where we could give you an interest only option. We could have the MI built into the loan, or do the first to 417k and a piggyback 2nd mortgage to cover the difference. Contact me for any questions on the programs michael.diaz@caliberhomeloans.com