Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for user044646

DTI requirement for conventional loans with PMI

Hi,
is there any DTI requirement for PMI with conventional with 5% down. Someone told me that only way to get PMI would be to have 41% DTI. is this true.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 19 2012 - Dallas
We think we've answered this question for you!
 
 

Replies (1)

With 5% down the information you have would be safe to go with if you are typically above a 660 score.  A more accurate answer to your question really depends upon the PMI company used by the lender and that company's overlays regarding credit score and property location, among other things.  Most lender's do not allow you to pick the MI company on your loan but you can always ask who that lender uses and research their guidelines on each of their websites.  Some of the major MI companies are Essent, Genworth, PMI, and MGIC. 

For example if you are not in a declining market (i.e FL), have a 720 score and 5% down, Essent relaxes the DTI maximum to 45% on a FNMA 30 YR Fixed.  In that same scenario, MGIC requires a 700 score for that same DTI max.

Just be aware that these guidelines are subject to change and do pretty often. 
             
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 22 2012
 
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
Related Discussions
Income Calculation for hourly worker on w2
Profile picture for Michael Kirkutis
Latest reply by Michael Kirkutis
August 28 2013 | 11 answers
Conventional loan for first-time home buyer with partial commission income, help!
Profile picture for George  Raymondo
Latest reply by George Raymondo
May 31 2013 | 2 answers
our hourly x 40 hours, yearly income is less than our combined 2012 W2s.
Profile picture for wetdawgs
Latest reply by wetdawgs
January 31 2013 | 2 answers
DTI requirement for conventional loans with PMI
Profile picture for Gulf StatesFinancial
Latest reply by Gulf StatesFinancial
November 22 2012 | 1 answers
Dissolution of Sole proprietorship in tax return.
Profile picture for user044646
Latest reply by user044646
October 29 2012 | 3 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 18836 Haddington Ln, Dallas, TX Home For Sale
    18836 Haddington Ln, Dallas, TX 75287

     For Sale: $375,000

    • Beds: 3
    • Sqft: 2239
    • Baths: 2.0
    • Lot: 6098
  2. 1801 Pendleton Rd, Rowlett, TX Home For Sale
    1801 Pendleton Rd, Rowlett, TX 75089

     For Sale: $125,000

    • Beds: 3
    • Sqft: 1456
    • Baths: 2.0
    • Lot: 5227
  3. (undisclosed Address), Dallas, TX Home For Sale
    (undisclosed Address), Dallas, TX 75214

     For Sale: $400,000

    • Beds: 3
    • Sqft: 1803
    • Baths: 2.0
    • Lot: --