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Mentor
Closing on a house right now using a JD mortgage product from S&T Bank. Found them (and many other options) through BigLawInvestor’s search tool. I looked at conventional and JD products. Frankly, most of the JD products were sort of meh and unavailable where I am buying. S&T offered me a 5% down, no PMI loan product with interest rates more than .5% lower than any competition AND allowed me to financing in a massive renovation.
Citi bank used to (and I think still does) give mortgages to lawyers with 10% down and no PMI (even on jumbos). I think your firm will need to have a relationship with them. They’ll also give you a 25 bps reduction in the interest rate and reduced closing fees. Did this in January 2021
Enthusiast
Did this in March 2022!
You are just paying for the waived PMI in the form of an increased rate --- which is not necessarily the best way to handle it. With your credit score, so long as you got a good debt to income ratio should still be able to qualify with a low down payment. Most lenders may want PMI, however, once you have 20% equity in the property you can ask for the PMI to be removed. High income families can often afford to pay more than the monthly payment.
Better move is probably to take the PMI upfront, prepay the mortgage, then get the PMI removed.
Anyone know what companies offer these?
Definitely check your firm benefits, especially if either of you are biglaw. I was able to refi with no PMI at 10% down at an extremely favorable rate (though this was before the recent rise) because my firm has a relationship with Citi private bank.
Mentor
For sure. I did the same and I’m pretty sure most biglaw firms have this perk. All of my friends in the biglaw have used Citi and I have like 4 friends not to brag.
How much do you want to spend? Same situation and we were capped at a $1.5M loan if we only put down 10%. 5% is fine if you have a conforming loan, but I would assume you have the money to go beyond it. DM me if you have questions; just closed a month ago.