I need a low down payment mortgage without pmi - have good credit

Discussion in 'Borrow Money' started by Tiplady, Aug 4, 2016.

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  1. Tiplady

    Tiplady Newbie

    I'm thinking of buying a property. I need a low down payment mortgage without PMI. I've spent a lot of money on Private Mortgage Insurance and think I can do without it because I have enough in reserves to handle an emergency. I don't want to put a high down payment, I want something where a small down payment will suffice. I'm also looking for a low interest long term loan so I know my outgoings over a long period of time. I'm thinking about fixing it up to add capital value and renting out to generate passive income. If there are any mortgage specialists out there I would like to know if a low down payment mortgage without PMI exists. Many Thanks
    admin likes this.
  2. admin

    admin Administrator Staff Member

    Admin Post
    The reason you pay PMI is because some people cant put down 20% of the property value when taking out a mortgage. PMI is used to protect the lender. If you do want to take out a low down payment mortgage with no PMI you have to look into VA Loans. The List below gives some low down payment lenders with little or no PMI.

    Low Down Payment Mortgage with NO PMI (Private Mortgage Insurance)

    (1) NASA Federal Credit Union
    (2) Republic Bank
    (3) Sofi Financial Services
    (4) San Francisco Federal Credit Union
    (5) American United Homebuyers Flex Program
    (6) Travis Credit Union
    (7) Mountain America Credit Union
    (8) Eastman Credit Union

    Hope the list helps. Good Luck
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