Avoiding Pmi
What are some ways that I can avoid PMI in buying my first personal residence.
home worth: $190,000
self employed, not the best income (stated best)
credit rating : low 700's
would like to do only a couple of thousand down
Is there a way with my criteria to avoid PMI?
Thanks
Jason
You might be able to get a piggyback loan (80%+10 or 15%) to avoid PMI or, if you are buying it with a lot of equity in it...
Mr Jason,
You can get an adjustable rate. Which has no PMI
or you can do an 80/20 loan and have no PMI. With only a couple thousand to put down you are more than likely going to have to go 100%. 100% does not mean everything is taken care of either. You have taxes to pay, escrows if you want and agent fees. So with only a little cash save that for closing time do not put down payment because then you will need more money for closing. For more information see my personal information.