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Avoiding PMI with Less Than 20 Percent Down. It’s the monthly premium you pay if you can’t put at least 20 percent down on a home purchase or have at least 20 percent equity in a refinance. It doesn’t actually insure you, but compensates your lender in the event of default. The fees are usually equal to an annual charge of half to three-quarters.
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"When someone can put 20 percent down, it gives the buyer instant equity in his or her. "It’s also great for the buyer because they can avoid PMI and an increased interest rate. However, most first.
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You can avoid private mortgage insurance when you refinance if you borrow 80 percent or less of your home’s value. Lenders typically require it if you don’t put at least 20 percent down on a conventional mortgage. The federal housing administration requires similar government insurance on FHA loans with a low down payments.
Jeremy Sopko, chief executive officer of Nations Lending in Cleveland, said that it doesn’t always make sense for borrowers to put down 20 percent just to avoid PMI. If putting down so much money exhausts their savings, these homeowners can leave themselves financially vulnerable if an unexpected home repair or medical emergency pops up.
How to Avoid PMI Without Putting 20 Percent Down. PMI will boost the size of your monthly payment if you have less than 20 percent of the purchase price of your home. Fortunately, alternative financing programs allow you to have your low-down, no PMI cake and eat it too.
To avoid paying for private mortgage insurance, or PMI, you’ll need to put down 20% of the purchase price of the home. However, 20% is not required to buy a home, it’s simply recommended in order to avoid the added expense of PMI. FHA loans require the smallest amount down – just 3.5%.
For many buyers seeking a mortgage, avoiding the added expense of PMI means coming up with a 20% down payment when buying a home. Unfortunately, it’s not always easy for new home buyers to come up with that kind of cash, but there are a few other options to avoid paying PMI premiums when home buying.