Home›Loan Programs›No-PMI Loans
No-PMI Mortgage Florida — Skip the Insurance

No-PMI Loans Florida

Skip private mortgage insurance without putting 20% down. We compare piggyback, lender-paid PMI, and VA routes to find your cheapest no-PMI path in Florida. NMLS# 1859012.

No
Monthly PMI
Under 20%
Down OK
3
Ways to Skip It
Get Pre-Approved📞 (561) 300-0380
By Onias Derilus, NMLS# 1859012 · Licensed FL Mortgage Broker · Last Updated: May 2026
No-PMI Loans Florida

No-PMI Mortgages in Florida

Private mortgage insurance protects the lender, not you, and it can add a few hundred dollars a month. There is more than one way to avoid it without a 20 percent down payment.

A piggyback keeps your first mortgage at 80 percent so no PMI attaches. Lender-paid PMI folds the cost into the rate instead. VA loans skip it entirely. Each fits a different buyer.

Who is it for? Buyers with less than 20 percent down who do not want to pay monthly insurance, and eligible veterans who get no PMI built into the loan.

Eligibility & Requirements

✓Less than 20% down is fine
✓620+ credit, higher for some routes
✓Strong credit helps piggyback pricing
✓VA route needs eligible service history
✓Debt-to-income within program limits
✓Primary residence or second home

Official resource: CFPB — What is PMI?.

Ways to Skip PMI
Piggyback 80-10-1010% down
Lender-paid PMIIn the rate
VA loanNo PMI ever
Portfolio programPriced in
Best route depends on your file.
PMI Cost Example — Illustration
Loan amount$400,000
Typical monthly PMI~$200/mo
Annual PMI cost~$2,400
No-PMI savingsWhole term
Down paymentUnder 20%
Min FICO620+
Illustration only — PMI cost varies by credit and LTV.
Rates & Costs

What No-PMI Costs

Skipping PMI is never truly free — the cost moves somewhere. A piggyback shifts it to a second loan, lender-paid PMI shifts it into the rate, and VA shifts it to a one-time funding fee. The job is finding the route where that cost is smallest for you.

Piggyback Cost
Interest on a second loan replaces the monthly PMI premium.
Lender-Paid PMI
A slightly higher rate covers the insurance with no monthly line.
VA Funding Fee
One upfront fee, waived for service-connected disability, no PMI.

We do not post a fixed rate — your number depends on your file. Request a personalized quote for real terms.

Pros & Cons

No-PMI Loan Pros and Cons

Advantages
✓No monthly PMI premium
✓Buy with under 20% down
✓Several routes to choose from
✓VA route has zero PMI
✓Lower total cost when chosen right
Trade-offs
✓Cost shifts to rate or a second loan
✓Lender-paid PMI is permanent in the rate
✓Piggyback adds a second payment
✓Not always cheaper than PMI
✓Best route varies by borrower
How to Qualify

How Buyers Skip PMI

1. Compare the routes
We price piggyback, lender-paid PMI, and VA against standard PMI.
2. Check your profile
Down payment, credit, and timeline decide which route wins.
3. Pick the cheapest
We choose the structure with the lowest total cost for you.
4. Lock and close
We match you to the lender pricing that no-PMI option best.
Florida Notes

No-PMI Loans in Florida

With Florida prices where they are, a full 20 percent down is out of reach for many buyers. PMI fills that gap for lenders, but it adds to your payment every month until you reach 20 percent equity. Avoiding it can free up real cash flow.

We do not push one route. For an eligible veteran, VA is the obvious answer. For a strong-credit buyer with 10 percent down, a piggyback often wins. We run the comparison on your numbers and recommend the cheapest, not the flashiest.

Compare Options

No-PMI vs. Paying PMI

How a piggyback and lender-paid PMI compare with a standard loan that carries monthly PMI.

FeaturePiggybackLender-PaidMonthly PMI
PMINoneNoneMonthly
Down Payment10%Under 20%Under 20%
Rate ImpactSecond loanSlightly higherStandard
Drops OffN/ABuilt inAt 20% equity
Best ForStrong creditLong holdLowest rate now
No-PMI Loan FAQ

No-PMI Loan Questions, Answered

What is a no-PMI loan?
A no-PMI loan is a mortgage structured to avoid private mortgage insurance, even if you put down less than 20 percent. There are several routes: a piggyback second loan, a lender-paid PMI buyout, a VA loan, or a portfolio program that prices the risk into the rate. Mortgage Capital (NMLS# 1859012) finds the no-PMI path that costs you the least.
How can I avoid PMI without 20 percent down?
A few ways. An 80-10-10 piggyback keeps the first mortgage at 80 percent so no PMI attaches. Lender-paid PMI folds the cost into a slightly higher rate. VA loans never carry PMI. We compare each against standard PMI so you keep the cheapest option over your timeline.
Is lender-paid PMI really no PMI?
There is no separate monthly PMI line, but the cost is built into a higher interest rate instead. For some borrowers that is cheaper than monthly PMI and the interest is part of the mortgage. We run the math both ways so you know which truly costs less.
Does a no-PMI loan have a higher rate?
Sometimes. Lender-paid PMI and portfolio no-PMI programs trade the insurance for a slightly higher rate. A piggyback avoids that on the first loan but adds a second payment. The right answer depends on your numbers, which is exactly what we calculate.
Do VA loans require PMI?
No. VA loans never carry private mortgage insurance, even at 100 percent financing. There is a one-time funding fee instead, which is waived for veterans with a service-connected disability. For eligible buyers it is the cleanest no-PMI option available.
Which no-PMI option is best for me?
It depends on your down payment, credit, and how long you plan to keep the loan. A piggyback suits strong-credit buyers with 10 percent down; lender-paid PMI suits buyers who will keep the loan a while; VA suits eligible veterans. We compare all of them on your file.
Explore Related Programs
Piggyback Loans FloridaVA Loans FloridaConventional Loans FloridaAll Florida Loan Programs

Find Your No-PMI Path

Skip monthly PMI · Free route comparison · Licensed FL mortgage broker NMLS# 1859012

📞 (561) 300-0380

Rates are illustrative only. APR and payments vary by credit score, loan amount, and market conditions. Subject to credit approval. Not a commitment to lend. NMLS# 1859012. Equal Housing Lender.