Rental Property Investor · Enterprise, AL · Member since 2021 · 5 posts · 2 votes
I am making my first purchase in a small SFH. My lender just came back saying they won't lend under 50k but if I finance 50 I will accrue PMI. Would it be smart to still pull the loan and put down 15% then pay the next 5% the next month to have PMI stop? Or search for a new financing that will lend lower.
Rental Property Investor · Collingswood, NJ · Member since 2016 · 282 posts · 116 votes
5y
I would continue to shop around to see what other lenders say so you can make a more educated decision. I spoke to about 3 lenders before choosing the one I wanted to work with.