NO MI Loans

NO MI Loans – Up to 95% Loan-To-Value Ratio

This Loan Program is a Conventional Loan with LENDER PAID MORTGAGE INSURANCE! Lender-paid mortgage insurance (LPMI) usually results in lower monthly payments than borrower-paid mortgage insurance, but also carries a higher interest rate. The idea of having lender paid mortgage insurance is relatively simple: Pay a fee up front when you get your loan or accept a higher interest rate and the lender will pay for your mortgage insurance.

Who Qualifies:

● Must Be 18 Years or Older
● U.S. Citizens
● Green Card Holders (non U.S. Citizen)
● H-1B Visa & EAD Card Holders (non U.S. Citizen)

Loan Details:

Credit: 620 FICO or higher
Maximum DTI of 50%
Down Payment:
○ 20% Down Payment Without Mortgage Insurance
○ 3% Down Payment With Lender Paid or Borrower Paid Mortgage Insurance
Occupancy: Owner Occupied, 2nd Home, or Investment Property
Eligible Properties: Single Family Residence, Condo, PUD, Multi Units (Max 4 Units)
Bankruptcy and Foreclosure Rules
○ No Bankruptcy within the past 4 years
○ No Foreclosure within past 7 Years
○ No Short Sale within the past 4 Years

Proof of Income:

Salaried (W2):
○ 30 days of pay stubs that show income including year-to-date income
○ 2 years of federal tax returns and W-2 statements
○ Additional income such as alimony, child support or bonuses
Self-employed or Business Owner:
○ 2 years of federal tax returns (personal and business)
○ Most current up to date profit and loss statement (P&L)
○ Additional income such as alimony, child support or bonuses
Retirement or Annuity or Child Support Income
○ Must continue for 2 years or more

Employment Verification:

○ 2 years of work history verified by employer
○ 2 years of self-employed or business income verified by a CPA

Asset Documentation:

○ 60 days or a quarterly statement of all asset accounts

Proof of Identity:

○ Driver’s License or State Identification
○ Social Security Card

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