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Profile picture for y07
  • y07
  • 6 contributions

Hello, is there any loans these days with 10% down with no mortgage insurance?

That's for 3-4 units, owner occupied. That would be my second property, i owe less than 70% of value at this point. Thank you!
  • September 02 2013 - Los Angeles
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Answers (10)

The best shot will be going with the 80/10/10.

80% First Mortgage
10% Home Equity Line of Credit
10% Down Payment.

For more information, please feel free to contact me.

regards;
  • October 01 2013
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Yes, I can go to a 95% LTV for loan amounts to $417,000 and 90% with loan amounts to $850,000.  Borrower paid mortgage insurance is not required.  I can only do this on primary and second homes. Also, I can only do 5/1 and 7/1 ARMS on this program. The good news is that the rates are  very compelling.  Feel free to reach out of you want more information.
All the best-
Jay Levitt
[self promotion deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • September 05 2013
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Yes, TD Bank can do it as long as it's a primary residence. Contact me if you would like more information.
  • September 04 2013
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Profile picture for Blue Nile
I've heard you can get a 10 or 15 year mortgage with no mortgage insurance... but I haven't checked into it, nor do I know if it would be applicable for a multi-unit property, even if owner occupied.
  • September 03 2013
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they do have a 5% down with no MI. I know that Guild Mortgage also have it as well as a few other banks. Bear in mind that this is a lender paid MI
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so which is it? They don't have MI or they do have MI? You managed to say both in the same reply.
  • September 03 2013
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Profile picture for y07
  • y07
  • 6 contributions
Thank you all for taking the time. I guess I'll have to wait to gather cash, unless some other loan product becomes available. 
  • September 03 2013
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Profile picture for iupswack
Linda,

Poster asks question about 3-4 unit propertes. You answer is in regards to Condos....... really insightful
  • September 03 2013
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Profile picture for Brookstone Mortgage
"Yes. Call Citibank, they do have a 5% down with no MI. I know that Guild Mortgage also have it as well as a few other banks."
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Really Linda? They have 5% down with LPMI on a 3-4 unit property?

This is why NMLS requires you to be LICENSED before doling out mortgage advice.
  • September 02 2013
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Yes. Call Citibank, they do have a 5% down with no MI. I know that Guild Mortgage also have it as well as a few other banks. Bear in mind that this is a lender paid MI and are included in your interest rate. It is a great program when your buying a condo.
  • September 02 2013
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Profile picture for Brookstone Mortgage
On a 3 to 4 unit property you will have to put down at minimum 20% if you want a conforming loan, so no MI will be needed unless you opt for FHA where you will have no options to avoid the MI and you will be stuck with it for 11 years.
  • September 02 2013
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