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do conventional loans have pmi with 5% down?

i'd like to not pay mortgage insurance and i've been told conventional is better than fha for that. can i pay the minimum 5% down and still not pay the insurance?
By rhodawells78623869 from MD Jun 26th 2014
Reply

yes we offer 5% down payment loans where there is no mortgage insurance as a conventional loan. Nick FratiniAdvisors Mortgage Group, LLCwww.advisorsmortgage.comphone #: 610-344-9988

Jun 26th 2014

Yes, but you will pay a higher interest rate, because the lender pays the insurance, and then figures it into your payments.

Jun 26th 2014

Hi Rhoda, yes, there are ways you can put down 5% on a conventional loan and avoid paying monthly mortgage insurance. Contact me when its convenient and we can go over the options. djenkins@mcleanmortgage.com www.loansbydarius.com

Jun 26th 2014

Greetings Rhoda,Yes, under conventional financing there are several ways to structure your loan to avoid Monthly mortgage Insurance. In certain cases there are also 2-Loan solutions popularly known as 80/15/5. These are not always easy to find but I have closed several successfully.Alternatively, we can structure an lender-paid solution to avoid the PMI Monthly. I would be happy to discuss this with you to determine your goals, and if you'd qualify for any of these various structures.Ron

Jun 27th 2014

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