Do you have good credit? Are you able to put at least 10% down on your home? Do you have more than 10% equity in your existing home loan? Why pay mortgage insurance? At MortgageDepot we have a loan program that can offer qualified borrowers financing for up to 90% Loan to Value (LTV) of their real estate investment without any requirement of paying private mortgage insurance (PMI).
Our No-MI financing program offers the following guidelines:
- Available to borrowers with a minimum FICO credit score of 680
- Available for purchase loans up to $1 Million
- Available for cash-out refinance up to $500,000
- Available for first-time homebuyers
Our No-MI financing program is also available for a variety of different property types, including:
- Single-family residences
- 1-4 Unit owner-occupied or multi-family investment properties
- Even non-warrantable condos are eligible (though some restrictions apply)
As long as your recent housing payments demonstrate a strong history of on-time payments, you may be eligible for MortgageDepot’s No-MI program. Our payment history requirements are as follows:
- Borrower must have no late payments in the most recent three-month period
- Borrower must have no more than 1 payment 30 days late in the past 12 months
- Borrower must have no more than 2 payments 30 days late in the past 24 months
If you need a co-signer on your loan, that’s no problem. MortgageDepot’s No-MI program also allows non-occupant co-borrowers to sign onto the loan with blended ratios. A blended ratio means that the debt-to-income ratio of both borrowers are added together, and combined they must not exceed our guidelines.
Most lenders today won’t waive or eliminate their borrowers’ mortgage insurance requirements until those borrowers reach 80% equity in their home. At MortgageDepot, we can save you thousands of dollars over the life of your loan with our 90% LTV lending with no MI! If you’d like more information about our 90% LTV No-MI loan program, contact us at MortgageDepot today!