PMI For NOO Rentals?

jeffm_60 profile photo

I know that you can avoid paying PMI by doing an 80/20 for an owner-occupied, but is there a way to avoid paying PMI on NOO? I mortgage broker just told me that because its NOO I'll have to pay it. I would certainly like to avoid it if I could as it eats a good portion of the cashflow.

Comments(1)

  • turtlepw17th March, 2004

    keep looking for lenders.... a mortgage broker who specializes in Investor deals will be able to find the loan for you. check with your local REI club.

    no one pays pmi anymore. at least according to the mortgage people I've been talking to.

    The guy I am working with can do a NOO with an 80/20. Also the "20" is tax deductible, unlike the PMI.

    PM me if you can't find anyone in your area. Mine is in the DC 'burbs.

    now be prepared to pay a higher rate...of course. and the 2nd mort is paid off in 2 or 4 years, so the payment goes down after that. (increasing your cash flow)

Add Comment

Login To Comment