Note:  I should have titled this post:  “LPMI, PMI and Piggy Back Mortgages…Oh My”.  I just realized my error thanks to Bill’s comment.   My bad…my apologies!  And there’s no way for me to 80/20 in the title. 

LPMI (Lender Paid Mortgage Insurance) is one of my favorite mortgage products to use for clients with less than [photopress:wiz.jpg,thumb,alignright]20% down.   Here are some of the benefits of an LPMI mortgage:

• Loan amounts up to the conforming loan limit (currently $417,000 for a single family dwelling).
• Mortgage interest tax deductible for adjusted gross incomes over $100k (unlike PMI).
• Convenience of one mortgage payment vs. two mortgage payments on a property.
• Often provides lower payments a lower total mortgage payment than the “piggy back