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Please don't get confused between not paying MI at all and not having to pay a monthly MI. You can avoid paying the monthly MI by getting lender paid mortgage insurance. That is where the lender charges you a higher interest rate and uses the extra rebate to cover the cost of the mortgage insurance. Most homeowners don't think they have MI becuase they don't see it in their monthly payment, but it is there.Any chance that the seller will carry back a second mortgage? Then you could do a 80% first mortgage, a 15% seller carried second mortgage, and 5% down payment. (Called an 80/15/5)If you do put down 10%, you should be able to do an 80/10/10 with some banks. US Bank comes to mind. Under this scenario there is no MI because your first mortgage is at 80% or lower.
Thanks Brian! So how does the 80/10/10 or 80/15/5 work? Does it require the seller to approve of somehting as I don't quite understand what "...carry back a second mortgage.."means?
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