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No PMI Mortgage
This program helps homebuyers with less than 20% down payment avoid having to pay Private Mortgage Insurance (PMI).
Benefits
- No PMI = significant monthly savings
- Only requires a minimum 3% down payment
- Flexible credit guidelines make it easier to qualify
- Great for buyers who are tight on cash
Eligibility
- Minimum 3% down payment
- Minimum credit score of 640
- Property must be located within certain assessment areas
- Buyer and their spouse/domestic partner cannot currently own residential property
- Income should be under 80% of the area median income OR no income limit applied if the property is in a Low-to-Moderate Income (LMI) census tract
Our No PMI Mortgage lets you buy a home with as little as 3% down and skip private mortgage insurance (PMI)—without paying higher interest rates. That means lower upfront costs, manageable monthly payments, and real savings over the life of your loan.
Key Benefits of JVM’s No PMI Mortgage
- No PMI – You can bypass PMI despite having less than 20% down, allowing you to save hundreds per month and thousands over the life of your loan, even with less than 20% down.
- Lower Monthly Payments – With no PMI and low rates, your monthly costs stay affordable.
- Flexible Credit Guidelines – Qualifying is easier, with minimum credit scores starting at 640.
- Truly Competitive Rates – Many “No PMI” programs raise your rate to offset PMI costs. Ours doesn’t. Our rates stay in line with standard conventional loans.
- Condo-Friendly – Skip PMI and avoid restrictive HOA approval processes tied to government loans.
Eligibility Requirements for JVM’s No PMI Mortgage
- Down Payment: At least 3% (gift funds allowed).
- Credit Score: Minimum of 640.
- Property Location: Must be in eligible assessment areas. (See maps at the bottom of this page.)
- Ownership: Borrower (and spouse/partner) cannot currently own residential property.
- Income & Loan Limits:
- Income under 80% of the area median income, or no income cap if the home is in a Low-to-Moderate Income (LMI) census tract.
- Loan amount up to $806,500 (2025 conforming limit).
What Makes This Program So Powerful?
Affordable Entry into Homeownership
The program enhances homeownership accessibility for low-to-moderate income borrowers, making it a potential key to affordable homeownership1. It also encourages buyers of all income levels to purchase in low-to-moderate income census tracts of the assessment areas to revitalize communities and grow the homeownership rate.
No PMI, No Catch
Unlike other programs that “hide” PMI in higher rates, our program eliminates PMI completely – allowing you to bypass private mortgage insurance even without a 20% down payment. This can amount to hundreds of dollars in monthly savings and thousands of dollars in savings over the life of your loan.
Lower Upfront Costs
Compared to conventional loans, our program allows you to avoid PMI with as little as a 3% down payment, significantly reducing the upfront cost of buying a home. JVM Lending can issue a lender credit to help cover your closing costs, too, if needed.
Long-Term Savings
Keep more money in your pocket each month—money you can put toward home improvements, paying down debt, or future savings. Not only is your payment lower than the rest by dropping PMI, but you are also able to obtain extremely competitive interest rates. Many lenders who offer programs with “No PMI” simply pay for your PMI premiums through a lender credit, which will always come at the cost of a higher rate.
This program does not engage in that practice, and truly has PMI completely waived without a higher rate.
Property Location Matters
This program supports homeownership growth in designated assessment areas, many of which are low-to-moderate income census tracts. By purchasing in these areas, you not only benefit from the program but also contribute to the development of stronger communities.
Need help checking whether a property qualifies? Our team can quickly confirm eligibility.
Loan Limits & Income Guidelines
To qualify for our program, your income should be under 80% of the area median income, Or, buyers of all income levels can purchase if the property is in a Low-to-Moderate Income (LMI) census tract.
- Income: Under 80% of the area median income, unless the property is in an LMI census tract (then all incomes qualify).
- Loan Limit: $806,500 for 2025 (updated annually*).
These guidelines ensure the program stays accessible while keeping monthly payments affordable.
*This conforming loan limit is adjusted annually to reflect changes in average home prices. If you’re unsure about the conforming loan limit in your area, our team is available to provide the necessary guidance.
Long-Term Impact of a No PMI Mortgage
Not only does our program offer immediate financial relief, but it also provides substantial long-term benefits. Over the course of your mortgage, the money saved from not having to pay PMI can be significant, well into the hundreds or even thousands per year.
Putting this money back in your pocket means that you pay off your mortgage faster, invest in home improvements, or even start saving more aggressively for your future.
Frequently Asked Questions
Who is eligible for JVM Lending’s No PMI Mortgage?
This program is designed for buyers who are ready to purchase a home but don’t have 20% saved for a down payment. The guidelines are straightforward and flexible, making it easier to qualify than many other loan options. To be eligible, you’ll need to meet these requirements:
- Credit score of 640 or higher
- Property in approved areas (see maps at the bottom of this page)
- Loan amount ≤ $806,500
- Meets income requirements (unless in an LMI census tract)
How does this program compare to conventional loans?
It is a conventional loan, but without the PMI requirement. Most conventional borrowers need 20% down to skip PMI; with this program, you only need 3%.
How does the No PMI Mortgage affect my monthly payments?
You’ll save significantly by removing PMI, often hundreds per month, without trading off for a higher interest rate.
How To Apply For JVM’s No PMI Mortgage
Applying for the No PMI Mortgage with JVM Lending is a straightforward process, designed to put you on the path to homeownership as smoothly and swiftly as possible. Here are the steps to guide you along your journey:
- Connect JVM Lending – Contact our team at JVM Lending, and we will help you determine whether you meet the eligibility criteria. Our experts are available 7 days a week to answer your questions and guide you through the application process.
- Assessing Your Eligibility – This involves verifying whether you meet the income requirements, ensuring your credit score is above 640, and confirming that the property you’re interested in is located in a qualifying area.
- Apply Online – You can fill out our online mortgage application at any point – the sooner it is submitted, the sooner we can start preparing your loan approval!
- Provide Documentation – After submitting your application, you will be asked to provide documentation to support your application. This may include pay stubs, tax returns, and bank statements, among other things. Our team will guide you through this process to ensure you provide all the necessary documents.
- Find Your Home – We partner with hundreds of extremely talented and experienced real estate agents who can help you negotiate and submit winning offers. We are always happy to make a personalized referral if needed.
- Underwriting & Approval – Once all your documents have been submitted and reviewed, your application will go through our fast and efficient underwriting process.
- Close & Move In – At closing, you’ll sign all the final documents, and the loan funds will be disbursed to complete the purchase of your home.
Remember, our team is here to assist you every step of the way, making the application process as seamless and stress-free as possible.
Taking The Next Step With JVM Lending
With just 3% down, no PMI, and low rates, this program makes homeownership more affordable than ever. Opportunities like this don’t come around often—so if you’re ready to buy, now is the time.
Reach out to us today and let’s take the next step together. With our expertise and dedication to your success, we’re confident that your path to owning a home will be smoother and more rewarding.
Contact JVM Lending to get started or call/text us at (855) 855-4491 or start filling out your application here.
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Census Tract Requirements
Census tracts are defined by the U.S. Census Bureau as subdivisions for analyzing demographics, with an average population of about 4,000. These tracts aim to group areas with similar population characteristics, economic statuses, and living conditions.
Understanding and meeting the census tract requirements is a necessary step for this No PMI Mortgage. This program is tailored to assist first-time buyers within these specific areas, enhancing their homebuying journey and grant eligibility.
Below are maps outlining the eligible areas.
To see more detailed maps by county, visit our No PMI Mortgage – Census Tract Map page.
San Francisco Bay Area, California
Central California
Southeast California
Northern California
Southern California
Southeast Florida
North Florida
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