1% Down Loan with No PMI
Pay 1% Down AND Avoid PMI?
You’ve probably heard plenty of financial experts, friends, and relatives tell you to avoid private mortgage insurance (PMI). This is because private mortgage insurance (PMI) is of no benefit to borrowers and is an expensive addition to mortgage payments.
While a typical conventional loan requires you to pay PMI when your down payment is less than 20% of the home’s value, Hurst Lending & Insurance created a 1% Down, No PMI program to help borrowers avoid PMI. So the short answer is, with our new program, yes, you can finally secure a no PMI loan with only 1% down.
Understanding the 1% Down No PMI Loan
The 1% Down, No PMI loan program allows you to secure a conventional, 30- or 15-year fixed rate loan with just 1% down and no private mortgage insurance (PMI). This program features:
- Comparable Rates to Normal Conventional Mortgages: When you put 1% down, there is only a 1/2 percent increase in your mortgage rate compared to a conventional mortgage.
- Same as Conventional Closing: The close on a 1% Down, No PMI loan is the same as a conventional close. Neither the amount of closing costs nor the closing process change and you can expect to close within 30 days of starting the application process.
- Widely Available Across the U.S.: Our 1% Down, No PMI Loan is widely available throughout the United States, but may not be available in every country.
No PMI, Low Down Payment Options Exist
In short, you can purchase your dream home without first saving up a 20% down-payment or paying PMI. Don’t give up or settle for a house you don’t love just to avoid paying PMI. We can help you find the best financing option for your circumstances.