Are there any banks offering loans allowing 10% down and no PMI?

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Last I heard from a broker that banks and many other mortgage companies dont provide loans for under 20% down. If they do provide a loan with 10% down then there is some PMI insurance involved too.

Any advice?

6 Comments
  1. Reply
    Landlord
    February 3, 2011 at 3:55 pm

    That is the way it is. If you do not want to make a decent down payment you pay PMI, there is no other choice.

  2. Reply
    Steve D
    February 3, 2011 at 4:10 pm

    Anything under 20% will require PMI…no real way around it. You used to be able to take out an 80/10/10 loan (80% first, 10% second and 10% down), but these loans, given the recent bubble deflation are now much much much harder to come by. If you want the loan with 10% down, you are going to have to face the fact you will be paying PMI.

  3. Reply
    :-)
    February 3, 2011 at 5:03 pm

    lol….I heard that banks aren’t hardly loaning their money at all with this crazy election and economy! Good luck!

  4. Reply
    Pengy
    February 3, 2011 at 5:40 pm

    If you are a veteran, you can still get 100% financing and no PMI. I just did

  5. Reply
    kemperk
    February 3, 2011 at 6:19 pm

    yes, depending on your credit score

  6. Reply
    Eric
    February 3, 2011 at 6:44 pm

    It can still happen….2 weeks ago I got a mortgage for 100% of the loan value, no PMI, and a 6% rate. The only catch….It was a VA loan.

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