Can I get a mortgage with no MI if my credit is 731?

You can avoid PMI by putting 20% down.

To completly avoid Mortgage insurance you will need to have 20% down. However at 10% down you may be able to look at a lender paid mortgage insurance premium where the lender can use a portion of the rebate they recieve selling your loan for paying a single premium insurance policy. In today's low rate environment I have seen this work well for people and they really do not notice a huge difference in rate compared to the 20% down no mortgage insurance option. If you would like to take a look at your options please call us 503-485-9500.Thanks,Derick

You have to put down 20% to avoid MI. HOWEVER, there are ways to mitigate it through financing and/or using rebate pricing so you don't have the monthly cost and it might prove less expensive over the term of the loan. I'd be happy to run some numbers for you and explain in furhter detail :) You can visit my profile here or just go to www.michael-eiden.com. Good Luck!You could also do a 1st and 2nd mortgage combination to avoid the MI and the interest from the 2nd mortgage maybe tax deductible as well.

Your credit score has nothing to do with MI. In order to eliminate it you must put at least 20% down payment.

731 is a great score...no problems there ,,,,,,,,,,,,,,,a 740 + score might improve pricing a bit combination loan is the way to go ...putting 10% down and using 2 loans to cover the same amount that a single loan with mortgage insurance would cover....... other methods to avoid mortgage insurance ....use " LPMI " or lender paid mortgage insurance which would mean taking slightly higher rate to avoid paying monthly mortgage insurance ..................If we can assist futher - feel free to contact me via my profile ...thanks and all the bestDave SKow 206 714 9745Eaglehome Mortgage daveskow@eaglehm.com

Based off your details, you will want a conforming conventional loan backed by Fannie Mae or Freddie Mac to obtain the most favorable terms overall. As others mentioned, you can opt to pay monthly PMI with potential for removal in the future if confirming 20%+ greater equity with loan servicer, or opt for a slightly higher rate for "lender-paid" PMI to waive monthly premium. What matters is down payment, monthly payment, and comparing all these options to determine the most favorable outcome for your personal goals. The alternative is a 80/10/10 with second mortgage to avoid PMI, but likely not suggested. I highly suggest you talk with a true mortgage broker for the ability to compare multiple investors and working for you exclusively rather than credit lines which can impact terms and execution.

6/16/2014 Corrina 731 is a great score...no problems there ...If we can assist futher - feel free to contact me via my profile ...thanks and all the bestDave Skow WA MLO #278613 Eagle Home Mortgagew 206 714 9745 daveskow@eaglehm.com

I would check into a lender paid option with 5% down. I only lend in Florida.

10/31/2014Corrina - hi there ...do you still need any assistance with any loan/ mortgage needs or questions ? if so - feel free to email or call me Dave Skow WA MLO #278613 ...Eagle Home Mortgage....W 206 714 9745 daveskow@eaglehm.com

1/21/2015Corrina - hi there ...do you still need any assistance with any loan/ mortgage needs or questions ? if so - feel free to email or call me Dave Skow WA MLO #278613 ...Eagle Home Mortgage....W 206 714 9745 daveskow@eaglehm.com

10/2/2016Corrina - hi there ...do you still need any assistance with any loan/ mortgage needs or questions ? if so - feel free to email or call me Dave Skow WA MLO #278613 ...Eagle Home Mortgage....W 206 714 9745 daveskow@eaglehm.com

9/18/2017Corrina - hi there ...do you still need any assistance with any loan/ mortgage needs or questions ? if so - feel free to email or call me Dave Skow WA MLO #278613 ...Eagle Home Mortgage....W 206 714 9745 daveskow@eaglehm.com