Banking Options to avoid PMI

[Ryan Wiles]

I am currently looking for a bank that will loan less than 25% down for multifamily units. We plan to buy a 4plex in the Atlanta area and live in it. The loan would be a First time home owners loan and I would like to avoid PMI. I know there was a reference to Trustcobank on this mornings pod cast. Is there any other advice? Thanks in advice for all your responses!!

[Upen Patel]

@Ryan Wiles Yes then 20% you have PMI. No if, and or but about it. Lenders my say "No PMI". That just means that they are increasing the rate and paying for LPMI (Lender Paid MI). So you pay one way or another.

If you don't have any other properties, then you can do a 5% down conventional loan with PMI. The PMI will drop off once you hit 80% LTV.