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Are there any mortgage options available in PA where one can avoid paying PMI without the 20% down?

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February 23 2013 - Reading
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If the property is eligible by location, the USDA rural program is outstanding.  It has minimal PMI, and requires no money down. 
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March 10 2013
Just remember that if you are utilizing these programs to hopefully avoid the PMI.... you are usually reducing your initial equity in the home by financing more.
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March 07 2013
As everyone stated there are several options that available to avoid PMI.  There are programs that allow you to put down as little as 3% if you have excellent credit.  However when you're borrowing close to 100% the rate will increase slightly however in the long haul you say that monthly cost.   
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March 07 2013
You need to shop around and ask that question to different banks and mortgage brokers. I know that in 2012, Susquehanna Bank offered such a mortgage to one of my Main Line home buyers. Good Luck!
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February 27 2013
Sure, you can do a 2nd at the same time or you can do what's called lender paid mortgage insurance
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February 27 2013
There is also a program in pa called PFHA.  google it.  Not every lender offers it.  There is a bank in Honesdale which provides PFHA financing.  It is a funded program so money may not be available at all times.
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February 27 2013
Jake..USDA does have mortgage insurance now....Not to the level of FHA but it still exists
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February 23 2013
If you are putting 10% down there is the option of a 80% first and a HELOC to make up the difference.  The other option is managing the mortgage insurance through a single premium so that you do not pay it directly on a monthly basis.  My office is located just down the road in Chaster Springs.  Would be happy to discuss all your options.
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February 23 2013
Pending your area, have you heard of USDA? These loans are great for first time home buyers. Few restrictions but overall they are a life saver. They have no money down options and you can build costs into the loan.
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February 23 2013
One option may be opening a first and tandem home equity. Are you a veteran? See my profile if you would like to discuss this.
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February 23 2013
 
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