You can avoid or remove PMI without putting 20% down The 20% down payment is the biggest myth out there – and it’s completely false! There are homeowners who qualified for their mortgage with as little as $0 down payment.
The reason why people say you need a big down payment is to avoid mortgage insurance payments. However, there are other ways to avoid paying mortgage insurance and still put less than 20% down.
Minimum down payment per loan type
Loan Type
Down Payment
*If the credit score is below 620 the Homebuyer must complete a pre-closing Home Buyer Education course. Information and requirements subject to change.
Fact: current homeowners often put less than 20% down on their next home purchase Keep in mind, each mortgage type has a minimum down payment amount – and it is considerably less than 20%. Here’s what you need to know:
On conventional mortgages, the mortgage insurance may be remove in as few as 12 months after closing.
Piggyback mortgages are used to avoid mortgage insurance
VA will never charge to insure your loan
Once you have 20% equity, you can refinance to remove the PMI
Fast, Easy and Confidential Speak with a Loan Officer to discuss your mortgage options.
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