Does anyone know of any mortgage loans that doesn’t require PMI even if you put down less than 20%?

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Yeah, doctor loans. Gotta be a doctor though.

likefunny

Lol very helpful

VA, time to enlist

likefunny

Lol that's how I did it

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Probably not. Hopefully you will buy in a good area and get some equity to refinance to a conventional loan in a couple years.

helpful

If it’s your first purchase, FHA loans generally get rid of PMI requirements somewhere between 10-12% down, but both you AND the property have to comply with FHA requirements... I did it for my first house, was a nice way to get into ownership.

helpful

As always YMMV; I got that FHA loan in 2005 with a phone call. Things are... different now. :)

We did two loans - the second was a line of credit for the amount over the PMI threshold. We just refinanced a couple of years later into one mortgage

helpful

No, this is a universal requirement. Exceptions exist for loans in a few circumstances - veterans are exempt from PMI, as are some loans in certain places (think: less desirable), or in very limited circumstances for some minority groups - I believe South Sudanese residents received such treatment years ago, etc.

You will pay PMI if you put down less than 20%. If you can’t pay 20%, or pay for PMI, you can’t afford the house. It is really that binary.

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Or lawyer I think.

Consider putting down 25% - right now rates are just phenomenal. You can take 5% line of credit and pay it off pretty fast. Net net you’ll come ahead.

NACA I'm pretty sure. It's a longer process than most loan programs, but it's worth it from what I hear

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