10% down cancels PMI?

Dec 7, 2021 15 Comments

A friend of mine who works in a lending office is claiming that a new rule (about 10 days ago) is that now 10% down payment is enough to cancel PMI on conventional loans. I did my research and found absolutely nothing online that supports this, but part of me is hoping this is true lol. Anyone heard something similar?

#mortgage #housing #downpayment #PMI

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TOP 15 Comments
  • Cadence
    zRNC05

    Go to company page Cadence

    zRNC05
    I got 10 percent down with wells Fargo and no PMi. So it's true
    Dec 7, 2021 2
  • Workday
    HolaPeepz

    Go to company page Workday

    HolaPeepz
    In the middle of a refi and this is *checks notes*…bullshit
    Dec 7, 2021 0
  • Google
    go get ☮️

    Go to company page Google

    BIO
    NFT salesman
    go get ☮️
    1:10 leverage, what could go wrong or 2008 was just an anomaly.

    Anyways, ask your friend in lending to guide your application
    Dec 7, 2021 1
  • Movement Mortgage / Finance
    DASSEA

    Movement Mortgage Finance

    DASSEA
    there are many ways to avoid paying mtg ins with less than 20% down but if you have a present loan with mtg in on it - you will need 20% of equity before you can ask servicer to eliminate it - you will also likely need to pay for an appraisal
    Dec 7, 2021 1
    • NetSuite / Project
      John Birch

      Go to company page NetSuite Project

      John Birch
      Years ago, I did an appraisal to eliminate PMI. They actually refunded a couple of months of premiums .. which more than paid for the appraisal
      Dec 11, 2021
  • Cadence
    zRNC05

    Go to company page Cadence

    zRNC05
    Paying 20 percent down over 10 percent if possible is never sensible. Rest 10 percent can always be invested in stock market for long term.
    Dec 9, 2021 0