Can I put 10% down without PMI?

Sometimes called a “piggyback loan,” an 80-10-10 loan lets you buy a home with two loans that cover 90% of the home price. Combined with your savings for a 10% down payment, this type of loan can help you avoid PMI.

How can I avoid PMI on a jumbo loan?

One way to avoid paying PMI is to make a down payment that is equal to at least one-fifth of the purchase price of the home; in mortgage-speak, the mortgage’s loan-to-value (LTV) ratio is 80%. If your new home costs $180,000, for example, you would need to put down at least $36,000 to avoid paying PMI.

Can I get approved for a mortgage with 10% down?

You Can Get a Conventional Mortgage with 10% Down A 20% down payment is recommended, but it’s not required for getting a mortgage. Lenders can underwrite conventional, 30-year, fixed-rate loans for buyers who bring 10% to the table, too. That’s great if you want to stick with a conventional loan.

Can I get a jumbo loan with 10 down?

Community Lending Group now offers a Jumbo Loan program that only requires a 10% down payment, as compared with the typical 20% down payment requirement. This Jumbo Loan product allows you to finance up to $2,500,000 on a primary residence, and you may choose between a 30-year fixed- or adjustable-rate loan.

Is a jumbo loan a conventional loan?

A jumbo loan is a conventional mortgage loan that is too large to be sold to Freddie Mac and Fannie Mae, the two government-sponsored corporations that buy and sell bundled mortgages. These size restrictions vary by county.

What do you need to know about jumbo loans?

to qualify for a jumbo loan.

Do you need a jumbo loan?

A jumbo loan is a mortgage for an amount that exceeds the limits set by Fannie Mae and Freddie Mac, the government-sponsored giants that buy most U.S. home loans and package them for investors. If you’re buying a mansion – or just a regular home in a high-priced area like Silicon Valley – you might need a jumbo loan.