Our Affordable Loan Solution mortgage could be a good option if you’re a qualified homebuyer unable to make a larger down payment. This fixed-rate loan for modest-income borrowers offers a competitive rate with a down payment as low as 3% to help make buying a home more affordable.
1. A conventional loan with lender-paid mortgage insurance. To get a conventional loan without PMI, you’ll need a 20% down payment. If you don’t want to put down that much or pay for PMI yourself, lender-paid mortgage insurance (MI) might be an option for you. With this strategy, the lender pays for MI on your loan and charges you a higher rate.
FHA loans with terms of 15 years or less qualify for reduced MIP, as low as 0.45% annually. In addition, there is anfor FHA loans equal to 1.75.
Bank of America unveiled a new affordable mortgage program that offers consumers the option of putting as little as 3% down and requires no mortgage insurance, without the involvement of Federal.
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PMI Calculator with Amortization This unique mortgage calculator will not only generate an amortization schedule, but will also show the Private Mortgage Insurance payment that may be required in addition to the monthly PITI payment, and when it will automatically cancel.
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Refinancing to a conventional loan may be the only way for FHA borrowers to eliminate mortgage insurance (the FHA’s version of PMI). The HPA does not apply to FHA loans. Mortgage insurance on FHA loans dated on or after June 3, 2013, can only be eliminated when the mortgage is paid in full, so borrowers may benefit from refinancing from an FHA mortgage to a conventional loan. Bottom line..
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Re: can I get an FHA loan without PMI insurance? However, if you are worried about being able to GET MI (because of your lower credit scores), dont be. All the new rules for MI do not apply to FHA loans (yet).
Private mortgage insurance adds to your monthly mortgage expenses, but it can help you get your foot in the homeownership door. When you’re buying a home, check to see if PMI makes sense.