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Any lenders offering loans with down payments less than 20%?

I currently own two properties in Mountain View, CA, have an excellent credit score (830), and would like to purchase another home in Mountain View, CA where I will live.  Are there any lenders offering loans for buyers who put down less than 20%? If so, what are the rates and if less than 20% does the buyer has to pay PMI?

Thank you so much!
  • February 25 2012 - Sunnyvale
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Answers (6)

Do you plan on occupying the property as your primary residence? What would the sales price be and what is value of other 2 properties you own?
If you plan on living in the property and can pass the test of non investor, there are a number of programs for less than 20 % down, with and without PMI/MI.  Non owner occupied -  not so much if any.
  • February 26 2012
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How much is the home price and what is your credit score?
  • February 26 2012
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There is a Federal Credit Union who has a 90% program without MI and New Penn Financial has an 85% program with no MI.  I'm not sure these are retail products so you may need to find a wholesale lender here on Zillow who is signed up with these guys in order to take advantage of these programs.  
  • February 26 2012
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Gary,

How are you avoiding PMI on a 3% down conventional loan? Lender paid, or SPMI?
  • February 26 2012
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THere are tons of different programs for mortgages out there.  In Mountain View you are in a higher loan balance, so it does cut out some of the programs.  There is FHA, that is 3.5% down, which does have mortgage insurance and Fannie Mae with 3% down that does not require mortgage insurance.  You will get better rates with more money down especially with the Fannie Mae product.  Let me know if you need any assistance at all.  I have a business partner that works in the Mountain View area. I am originally from the Bay Area, so I know what a great area and now is a great time to buy.
  • February 25 2012
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What percentage equity do you have in each of the other properties?  
  • February 25 2012
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