Is mortgage insurance required on jumbo loans?

it can be but doesnt have to be, we have programs that do and programs that do not. The county loan limits can come into play as well where you may have a loan amount that would have been a Jumbo but now is not.... feel free to call or email me directly to discuss...John C SchweerSr. Mortgage BankerArmed Forces Bank816-412-3568 Office816-517-5626 Mobile816-410-2754 FaxEmail: jschweer@dfckc.comWebsite www.afbank.com/johnschweerNMLS # 304416

If you are putting less than 20% down MI is generally required, however I have some sensible programs that will most likely be less costly. If you would like to have a friendly conversation I am with a direct lender here in NM and would love to hear from you! Charlie Sparks, 505-350-3745. MLO# 195031

MI is required on most conforming loan products if your putting LESS than 20% down, however jumbo loans are not a conforming loan product.. they are a portfolio product, and because of such, some might charge MI, while others will build the MI into their interest rate.. this is assuming you find a jumbo lender willing to do a loan with less than 20% down.. I've heard there are lenders out there that do, but with my 21 lenders we're currently signed up with, not one of them will do a jumbo with less than 20% down. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

It depends on your down payment and program you choose. I am mortgage broker in Albuquerque. As a broker, I have a wide variety of programs to choose from. My name is Gina Bell, Give me a call, and we can discuss your options. Call me at your convenience, I am available after normal business hours and on weekends. I can be reached at 505-323-0724 or via email at gina@accessfundinginc.com. NMLS #222731.

Yes and no, basically it depends on the full picture. There are a couple of lenders in Colorado I use with a 10% down payment on Jumbo with no MI up to a certain loan amount, credit score and reserves. However, I'm not sure about in New Mexico. I would suggest contacting a local loan officer and review all of your options. Best wishes, Sean