Is DPA an option for going conventional?

There are options where you don't need to have separate mortgage insurance... But the reality is, if you don't put down 20%, you will have to deal with PMI somehow... www.WI-MortgageBroker.com

Depending on the other factors, (credit score, income, etc) if you are close, but not quite to 20% down you may have some very reasonable options to avoid, or ALMOST avoid mortgage insurance. It's important, in a situation like yours, to have a definite plan and look at all the options. I prefer to lay out more rather than fewer options so that I can guide a client to make an educated decision rather than push towards one option or the other that may not make as much sense. I'm happy to help with the financing or just give you advice. If you need more information, or a competing rate quote call, email or use my live support button to discuss or get in touch with me. Web Address for live chat or quote is: http://www.loansfromrob.com/quote/ Email is robertlh66@verizon.net and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Conventional conforming financing only requires 5% down. You would have PMI on your conventional loan, but that PMI is substantially less than FHA mortgage insurance. The amount of the PMI depends on the loan and your credit. I would be happy to provide a quote for you. Doing the loan as a Conventional loan would not only be cheaper with respect to the monthly PMI, but also you would not have a funding fee. FHA loans have a 1.75% funding fee.. So perhaps a Conventional loan with 5% down is an option you may wish to consider. We also offer Conventional financing where the 5% downpayment may be gifted from a relative.I would be happy to walk you through all of the options (i.e. FHA, Conventional, USDA, etc). Down Payment Assistance programs are an option and do work on Conventional loans, but they can be difficult to qualify for (depending on your level of income, etc). We offer 6 programs without borrower's funds, and so downpayment shouldn't be an issue.My name is Joshua Wachowiak and I am the Branch Manager of the Appleton, WI Branch of Sierra Pacific Mortgage, which is a national lender. Please call me at 920-277-3595 or email me at joshua.wachowiak@spm1.comAnd I can walk you through everything.

You can do lender paid mortgage insurance or another type of hybrid to avoid MI as well.

With an FHA loan you will have mortgage insurance from 15 years to the life of the loan. With a conventional loan, there are options that can avoid the mortgage insurance in your payment with less than 20% down by working with the lender and have them pay the mortgage insurance upfront through varies means.

You can do a conventional mortgage with down payment assistance. There is only one program that will allow for it and you must stay below a certain income level. I have done several like this if you want to discuss further. www.gogsfnow.com

I dont know of any DPA through federal, state, county , city grants that will help with more than 5% ltv. If you have above average credit you can look at Fannie Mae Lender Paid MI options. It may very well price out better than FHA. Also can look at Single Financed PMI..one time at closing and that's it. Can be paid by seller or lender credit!Feel free to reach out to me as we lend in all 50 states. 877 890 3892 / john.bates@cbcnationalbank.com

There are (at least) FOUR different options for paying your Mortgage Insurance. Make sure you take a good look at the Single Premium options as they will have the lowest monthly payments by far. A very small percentage of "mortgage guys" offer all forms of MI. Shop smart... shop for MI.