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first time buyer looking for 5ARM on TOWNHOME / PUD with 5% down & LPMI

Townhome - 375000
HOA - 315
Closing in 30 days
Credit score is 760+
income is 165000/year +
down payment is 5% down
not looking for PMI , need LPMI or any other option to avoid PMI
first time buyer .

don't want FHA loan , want conventional loans .


  • January 05 - US
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Answers (2)

LPMI is still mortgage insurance. Only difference is it is in the rate so you don't see the dreaded "PMI" on your monthly bill. I would have whichever Loan Officer you use show you the benefits of both LPMI and BPMI, both as a single premium and a monthly premium. If you feel the home is going to appreciate, or you plan on paying extra towards the principal, I would not recommend LPMI. 

Most lenders here would certainly like to help you, but you won't get any hard rates unless you submit an application with them.
  • January 06
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What is the Property zip code?

Never mind, I see the other post says NJ.
  • January 06
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