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· Conventional 97: 3% Downpayment. FHA loans require mortgage insurance payments for the life of the loan in most cases. Conventional loans, including the Conventional 97, allow you to remove the mortgage insurance when you reach 20% equity. This loan could work for home buyers who plan to pay down their principal balance quickly to eliminate the extra cost of PMI.
A borrower could avoid having to obtain PMI through a novel lending process called a "piggyback" mortgage. Also known as an "80-10-10" or "80-5-15," these arrangements actually leave you with two mortgages rather than one. Say you have just 10 percent to put down. Normally, you’ll get a 90 percent mortgage, and pay PMI.
How to Avoid Paying PMI. You will take out one loan totaling 80% of the total value of the property, or $160,000, and then a second loan, referred to as a piggyback, for $20,000 (or 10% of the value). Finally, as part of the transaction, you put down the final 10%, or $20,000.
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It is difficult to avoid mortgage insurance if you buy a home with less than 20 percent down. But it’s possible. There are also many ways to pay less for mortgage insurance, and we’re going to.
Private mortgage insurance (also called PMI) can add hundreds of. can avoid paying PMI saving up enough money to put 20 percent down.
Bump up your down payment. Remember that 20 percent avoids PMI. If you can spend a little extra time saving for a higher down payment, you’ll be able to lower your monthly payments in the long run.