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How can I get a mortgage without PMI only putting 10% down?

My credit union (Navy Federal) provides this but I am looking for a better rate. Does anyont know of any other credit unions or lenders that will allow this?
  • May 26 2009 - South Windsor
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Answers (4)

You can do LPMI (Lender Paid MI) with 10% down, however your interest rate OR closing costs will be higher for this option.  (this is probably what NFCU is offering)

If you want best rates and no PMI, you need 20% down.
  • May 26 2009
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Profile picture for The Mortgage Mark
There are not to many lenders going to 90% CLTV any more for seconds so that may be a little difficult to do. 
  • May 26 2009
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If you structure your loan with a 80% 1st mortgage, 10% 2nd mortgage (or HELOC), and 10% down payment, you will not have to pay MI.
  • May 26 2009
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Profile picture for The Mortgage Mark
If you are putting 10% down you will have PMI.  You need to put atleast 20%.  If you credit union is offering it with out monthly PMI it is built into the rate,  that is why the rate is higher. 
  • May 26 2009
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