No PMI Mortgage
Find Home Loans with No Monthly Mortgage Insurance
We have helped thousands of people buy or refinance a home without paying mortgage insurance. A "no PMI mortgage" is a home loan that does not require the borrower to pay private mortgage insurance monthly. Nationwide Mortgages has partnered with several lending institutions that specialize in multiple no PMI mortgage programs that help making housing more affordable. Choose from several no PMI loan programs that do not require private mortgage insurance.
Get more info on a No PMI Mortgage that will reduce your housing expenses every month. Please complete the form below and our seasoned veterans will follow up with you to earn your business with a low rate mortgage and no PMI. Many homeowners have saved thousands of dollars a year by eliminating their monthly insurance payment associated with their mortgage. Now you can talk to companies that provide a path for low rate home buying with no mortgage insurance. Find out if you qualify for an attractive no PMI loan today.
At Nationwide, we strive to aim high with affordable home financing solutions for all types of borrowers. We are excited to help you become a homeowner or simply reduce your mortgage expense with a lower interest rate. Finding home loans with no insurance can be complex if you aren't talking to companies that have experience lender paid MI.
Find Top Home Loans with No Mortgage Insurance
Do you qualify for a No PMI mortgage with No Down-Payment at a Rate Below 4%? Find out if you meet the credit standards for this popular No PMI home loan program now. It costs nothing to review quotes and shop lenders.
Can I get refinance a mortgage at 90% LTV? Yes, in some cases you do not need to be at 80% LTV to get a mortgage with no PMI. We off 90% loans with no PMI. The interest rate is slightly higher than the conforming loans below 80% but the monthly payment is lower when you compare it to a FHA mortgage that has mortgage insurance premiums paid monthly. Fannie Mae, Freddie Mac and private lenders have become very competitive with lender paid mortgages. With a slight increased interest rate, many borrowers have been able to secure home loans with no insurance. (Please note that we are referring to "no mortgage insurance." As borrowers are still required to carry hazard insurance.)
How to Get a No PMI Mortgage
One of the frequently necessary evils of getting a home loan today is having to pay PMI, or private mortgage insurance, as part of your home loan.
Lender Paid Mortgage Programs Are Growing in Popularity
A PMI payment pays for insurance for your home in case you default. So, if you do not pay your mortgage, the lender will get paid back most of the loan balance with the private mortgage insurance. PMI is very common because many people can't afford to put down 20%. But if you put down a lot less, the risk to the lender is higher. Rather than greatly increase the interest rate, most people end up paying PMI until they reach nearly 20% equity and can refinance.
Clearly, the most common way that you can get rid of PMI is to simply make a 20% down payment when you get a mortgage. If you have 20% equity in the home, you will not need to have PMI anymore. But what about people who cannot afford to make a 20% down payment?
No PMI Loans Help Home Buyers Preserve Savings
Most new home buyers do not have the money saved to meet the traditional lending requirements of a 20% down-payment to buy their first home. And then there are many prospects that may have saved enough for the down payment, but then buying a furniture or landscaping because difficult because they have exhausted their savings. In many cases, a No PMI mortgage will free up enough funds so that first time house buyers can pay for home improvements needed to enhance their style of living.
When shopping for home mortgages, ask about the No PMI loans options and see if you can uncover some lender paid mortgage insurance programs.
How to Buy a Home with No PMI Loan This Year
People who want to buy a home with a limited down payment can still do so. While most 100% financing loans have gone the way of the landline and the fax machine, there are still loan options out there that allow you to put down very little money.
For example, the FHA loan is one of the most popular options today with its 3.5% down payment and credit flexibility. If you have a credit score above 580, you may be able to put down just 3.5% on your home.
However, the FHA loan program, while great, comes with a catch. People who put down less than 20% on their home typically must pay for private mortgage insurance or PMI. This means that in addition to paying your mortgage, taxes and insurance, you also have to pay for mortgage insurance. This can add at least $100 per month to your payment.
The FHA loans comes with another disadvantage: You must pay for PMI for the entire life of the loan even when you have more than 20% equity! This is a bad deal, and if you have an FHA loan, it is advisable to refinance it into a no PMI loan once you have 20% equity.
The FHA program is still a great program and you can always do the refinance to escape PMI, but who wants to make PMI payments at all?
There is good news for you! For people who want to pay no PMI on their loan at all and want to put down less than 20%, there are a few options out there in 2017.
For example, the new Affordable Loan Solution offered by the Bank of America is marketed as a more affordable no PMI solution to FHA financing. The no PMI solution that is offered will be able to save you a lot of money over time.
The new Affordable Loan Solution is for people who meet a certain set of criteria. You must have at least a 660 FICO score and must make less than their area's median income. Also, the house must be bought as their primary residence.
This loan has been created to provide lower income borrowers with an option other than FHA with its private mortgage insurance requirement. This loan can save some borrowers at least $100 per month on a $150,000 loan that is fixed for 30 years.
It is true that FHA low rate loans are available to more buyers with higher incomes, but at the very least, there are hundreds of thousands of potential lower income borrowers who could benefit from this no PMI option.
PMI Payment Is Waived
This new loan program is guaranteed by Freddie Mac and the non-profit organization Self Help. The borrower thus does not have to pay any type of mortgage insurance. This can save you a good amount of money over the loan's life.
Still, there are other no PMI options out there that could be better for you because your income could be too high for the above program.
One is the HomeReady Mortgage. This program allows you to put down only 3% and you only need a FICO of 620. There is some limit on income for some parts of the US, but areas that are thought to be underserved do not have an income limit.
The HomeReady loan program can be applied for by people who do not live in the home; it is one of the first loans to do this. So, you can use the income of people who live outside the home, and you do not have to pay PMI.
Another option is the Conventional 97 loan. This one also requires 3% down and a FICO of 620. You do have to pay PMI for the first 10 years, but after that the requirement is waived.
USDA also offers a 100% financing program for lower income Americans who have at least a 640 FICO score. This program does not require PMI. Instead there is an annual fee but it is less than PMI.
Note that USDA loans are only available for parts of the country that have a lower population. Still, there are many suburbs that are eligible for USDA loans.
People who want to get a loan with low down payment have many attractive options available. But for many of them, you still need to pay PMI. The above programs provide you with the chance to buy a home with little down, no PMI, and flexible credit requirements.
We advise you to weigh the costs and benefits of all the above programs, including FHA before making a final decision about which loan product to use.
Avoiding Mortgage Insurance
Did you know that there are alternative for people that don't want to pay mortgage insurance? Yes there is a mortgage no PMI that allows people with less than a 20% down-payment. There is also a no PMI mortgage for homeowners seeking a refinance without insurance even though they have less than 20% home equity in their property.
Lender Paid Mortgage Loan
Our lenders provide multiple mortgage solutions that help borrowers avoid paying mortgage insurance. Take advantage of 2nd mortgages and lender paid PMI.
Highlights When You Buy a Home with No PMI
- Low Interest Only Payments
Home Loan Alternatives Without Private Mortgage Insurance
How do you buy a home without a 20% down payment and mortgage insurance? We provide several opportunities with lender paid mortgage insurance.
Did you know that FHA will no longer cut off mortgage insurance on borrowers that earn equity exceeding 20%? In the past FHA would drop mortgage insurance once a customer's LTV dipped to 78%. It's time to consider some of the no PMI loans that are backed by Fannie Mae and Freddie Mac.