10 Down no pmi ?

Microsoft int i
Oct 16, 2018 18 Comments

Has anyone put down 10% with no pmi ?

I came across the program run by SoFi. Has anyone tried this ?
I am planning to buy my own house using SoFi 10 down and no pmi.

Appreciate any insight, suggestions or reviews about this

TC 170k 4 yoe

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TOP 18 Comments
  • Amazon p997
    They bake it into the interest rate. Better off taking pmi, at least you can have that removed whereas your higher interest rate is relatively fixed.
    Oct 17, 2018 2
    • Veritas / Eng hYwH16
      Exactly. Finally someone gets it. With interest rates rising like they are, by the time you save up enough to where you don't need PMI, the interest rate difference will be greater than the PMI amount
      Oct 17, 2018
    • SoFi / Eng
      OmegaMan

      SoFi Eng

      PRE
      Amazon
      BIO
      Na
      OmegaManmore
      Have you ever tried getting your lender to remove PMI after you feel you have an 80LTV loan due to appreciation? It takes a year of writing letters. They hang on like a pit bull on a bone. 🍖
      Oct 21, 2018
  • Intel / Mktg nononsense
    Usually it 10 down, 80 in first mortgage, 10 in 2nd or HELOC. Otherwise no other bank will touch it unless there is a nice interest rate premium.
    Oct 16, 2018 1
    • Microsoft IEjP42
      Yep, that’s what I did. No PMI.
      Oct 16, 2018
  • Microsoft / Eng SenoritaWE
    It will be more expensive loan, I don’t think loans with under 20% are backed by the feds.
    Oct 16, 2018 1
    • Amazon Hhhhhhhhhk
      Can you explain what you mean by backed by the feds?
      Oct 16, 2018
  • SoFi / Other
    SnoopFrog

    SoFi Other

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    SnoopFrogmore
    PMI is just an insurance premium paid by the borrower to protect the lender. It is a rip-off. The Sofi deal is legit. PMI is not deductible btw.
    Oct 17, 2018 0
  • New DuQvV7x
    VA Loans are 5% no PMI.

    #fewVetsHere
    Oct 17, 2018 0
  • Splunk Sustaining
    And paid 10 % down on my place and really ended up not being really worth it. Put more down for sure.
    Oct 17, 2018 0
  • eBay gcpd
    Yes you can do it. Have a loan guy , can also give 5 percent down with down
    Oct 16, 2018 0
  • Riverbed Technology Yoyoyoy
    Wells Fargo has a program for 10% down but it has some specific eligibility like credit score and minimum reserves.
    Currently in the process of availing loan for the same and interest rates are not that high as compared to 20 down and no PMI.
    Oct 16, 2018 0
  • Veritas / Eng hYwH16
    Is it really worth it not to pay the PMI... It's what, 0.5%? While that adds up over 30 years, once you get 20% equity the PMI usually drops off. And if you're putting 10% down, it shouldn't take that long to get to 20
    Oct 16, 2018 0
  • Amazon antman
    Wells Fargo gives 90% jumbo
    Oct 16, 2018 0
  • Facebook public
    Fees fees fews aka sofi lol
    Oct 16, 2018 0
  • Microsoft futbol
    Looks legit. I'd love to hear more too if anyone has actually used them.
    Oct 16, 2018 0
  • Splunk Sustaining
    there has to be some other fee that goes into it because it's extremely uncommon not to pay mortgage insurance for under 20% down
    Oct 16, 2018 0
  • Microsoft Arfington
    Following
    Oct 16, 2018 0