What's the smallest down payment i can do for a loan with no pmi?

The smallest loan to completely avoid dealing with PMI somehow is 20% down payment. But, there are different ways of handling PMI besides standard monthly payments. You can pay a lump sum up-front, or I can even put it into the interest rate. heck, you can even get the seller to pay the lump sum version... Talk to a local mortgage broker in your area for breakdowns of these options... www.Minneapolis-Mortgage.net

If you are not eligible for a VA loan, it is possible to obtain a conventional mortgage with as little as 5% down and no monthly PMI payment. Otherwise the only other option is a portfolio loan if any of your local smaller lenders offer one in your area. Generally if there is no PMI the rate will be higher. The PMI cost is generally less for a conventional mortgage if your credit score is higher.

If you are eligible for a VA loan, it is possible to obtain a loan with no PMI. Another option is a conventional loan with 5 percent down and lender paid mortgage insurance. With this option, you would be charged a slightly higher rate to make up for the lender paying the insurance.

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With a minimum down payment of 5% you can buy out of the mortgage insurance as a one time fee and have it paid through the interest rate or by the seller if their is room. The interest rate would be slightly higher so you get a lender credit high enough that can be applied to the cost to buy out of the mortgage insurance. Your state may even have a local program that would allow 3% down with no mortgage insurance. In Colorado it's the CHFA Advantage and naturally has a higher interest rate and closing costs. Talk with a local lender to see what all of your options are, Best wishes, Sean