How much do I need to put down to avoid MI?

To completely avoid PMI you would need 20% down on a conventional conforming loan, however, you can also review "lender-paid" PMI options that waive the monthly premium entirely through a slight increase in interest rate up to 95%. It's best to compare borrower-paid PMI vs. lender-paid PMI on conventional loans if putting less than 20% down. There are also single-premium MI buy-out options (up front fee to pay and waive), but not suggested due to cost.FHA financing requires PMI which is lifetime and not preferred if conventional is an option. VA financing, if applicable to buyer, does not carry PMI up to 100%.

Hi Kevin, 20% down on conventional loans would avoid MI. No matter what you put down on an FHA loan, you'll have some form of mortgage insurance. (The price of using a gov't subsidized loan.) USDA financing doesn't have MI per se, but does have a Guarantee Fee that is paid to the Rural Housing division. However, that is much lower than even conventional mortgage insurance. One thing that some people look at is what's called a Single Premium MI payment. Instead of paying monthly MI, the MI company accepts a one time lump sum payment. In some cases, the break even point is under 3 years or less... which makes this very attractive. If the loan will be in place longer than the break even point (Lump sum divided by the monthly MI would tell you where the break even point is...), then paying it up front might make sense. Plus, if the seller is contributing towards closing costs, you may be able to have that paid by the seller concessions and not out of your own pocket. Make sense? Any questions, feel free to reach out. ~Michael

Are you VA eligible? NO MI.Have you considered a HomePath home? NO MI.Got 20% down? NO MI.If you said no to all 3, you can consider some of the other options folks have mentioned, Lender Paid MI, Split MI, have the seller pay some fees to cover some of it, pay extra each month to lower your principal balance and remove MI quicker, etc.If you have any questions, let me know, I'd be glad to help, no sales pitch just answer questions. Best of luck!-Greg OckenMovement Mortgage -NMLS: 669056cell: 253.426.0016http://www.movementmortgage.com/greg.ocken

You need to put down 20% to avoid mortgage insurance however, you can put down only 5% and NOT HAVE mortgage insurance. With slightly higher interest rate lender will pay mortgage insurance thus you don't have monthly mortgage insurance premiumGive us a call so we can explain in details 425-351-5363

Hi Kevin,20% down would avoid MI regardless of what loan type you applied for. There are lots of others options when trying to avoid MI but of course it varies from case to case. Many of the options I am sure you may be familiar with but be sure and choose the one that fits your family and budget for the long haul and if you have any questions please reach out to a licensed loan officer such as myself and we would be happy to assist in choosing your best option.Have a great weekend.

Hi Kevin, The only options to truly avoid MI are a 0% down VA loan or a 20% down conventional loan. There are options called "lender paid" mortgage insurance with as little as 5% down, but you are still actually paying higher versus 20% down in the form of a higher interest rate.

VA loans have no PMI. No Pmi with Conventional loans with 20% down. USDA loans has no Pmi. You can also do Lender paid pmi. Call me to discuss further-478-320-4152

To avoid mortgage insurance 100%, you need to put at least 20% down on a conventional loan. Anything less than 20%, and you have to deal with mortgage insurance somehow. Lenders can offer loans that appear to not have PMI with things like single premium and lender paid mortgage insurance. Your statement would not show PMI, but you paid it through either a higher interest rate or higher closing costs for these options... So you didn't really eliminate it, you just paid for it a different way. These options may be better in the long run, so check with an experienced loan officer. As a side note, VA loans never have PMI, and FHA loans always have PMI. www.Minneapolis-Mortgage.net

Hi Kevin, as stated below you have many options to avoid paying MI, with 0 down or 20% depending on your type of loan and whether or not the sellers will contribute to your closing costs. I am in Portland, Or. and licensed in Washington and have done a lot of loans in Oregon and Washington in regards to home purchase and refinance loans. Please call to discuss further. 503-207-2181 direct, have a great day.