Profile picture for Oleg 1

Can I finace MI with CONVENTINAL morgage?

Thanks Jim and Joe for your responses!
This is an important addition to my previous question, that I left out.
I'm buying a house with conventional mortgage (not FHA or VA).
Joe, can please you elaborate a little bit more on your answer?
Thanks.

  • February 19 2010 - Herndon
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Answers (3)

Profile picture for Liberty Mortgage

In today's current lending climate-  MI (mortgage insurance) is a monthly payment on a conforming mortgage where the LTV is less than 80%-  I.e.-  You pay principal, interest, taxes, insurance and mortgage insurance in your loan.  The mortgage insurance is a monthly fee.  I know on no way to finance this fee-  It is a monthly payment due until your LTV is around 78%. 

  • February 19 2010
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Depending on your down payment, you may be able to pay a single premium for your mortgage insurance instead of per month.  Depending on the lender, you cna finance that amount into the loan amount.  Feel free to contact me through my profile for more information and/or a "real world" example
  • February 19 2010
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Conventional mortgages do not typically have upfront mortgage insurance like FHA or VA.  You would just have the monthly MI indluced in your payment.

  • February 19 2010
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