Great Credit with no PMI with less than 20% down

I was thinking that why can’t someone with great to excellent credit, great paying job, etc.. be able to put down less than 20% on a property and not pay PMI? PMI is mainly for if the borrower defaults and cannot make payments. Seems like the banks that really don’t add any value other than lending money and people who work there with no skill just want to make more money. PMI is a good chunk of money for someone to pay a bank in case they default when they have a great job, great credit score and no problems etc..

I am not looking to buy a home right now but looking within a year to. I have great to excellent credit 764 according to the credit bureaus but the banks have their own model that’s different than the credit bureaus and makes peoples credit lower than what the average person sees which is already stupid in itself. I have a great job and will have savings before buying a home. Why should I not be able to put 10% 15% or even 19% down and not have to pay PMI? Not everyone should be treated the same here and pay PMI regardless. Really shows something that you want to have Insurnace on the house incase the borrow defaults but at the same time they have a great credit record and can afford the payments with no problem but you want even more money taking away from what they can pay towards the payment so they can make the payment. Seems quite counterintuitive and fights against the notion of the whole premises.

Seriously sounds like a joke to have to pay PMI when you’re a good choice to lend money to. Just saying.

submitted by /u/spicysauceater
[link] [comments]

I was thinking that why can’t someone with great to excellent credit, great paying job, etc.. be able to put down less than 20% on a property and not pay PMI? PMI is mainly for if the borrower defaults and cannot make payments. Seems like the banks that really don’t add any value other than lending money and people who work there with no skill just want to make more money. PMI is a good chunk of money for someone to pay a bank in case they default when they have a great job, great credit score and no problems etc.. I am not looking to buy a home right now but looking within a year to. I have great to excellent credit 764 according to the credit bureaus but the banks have their own model that’s different than the credit bureaus and makes peoples credit lower than what the average person sees which is already stupid in itself. I have a great job and will have savings before buying a home. Why should I not be able to put 10% 15% or even 19% down and not have to pay PMI? Not everyone should be treated the same here and pay PMI regardless. Really shows something that you want to have Insurnace on the house incase the borrow defaults but at the same time they have a great credit record and can afford the payments with no problem but you want even more money taking away from what they can pay towards the payment so they can make the payment. Seems quite counterintuitive and fights against the notion of the whole premises. Seriously sounds like a joke to have to pay PMI when you’re a good choice to lend money to. Just saying. submitted by /u/spicysauceater [link] [comments]

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