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100% Financing, No PMI

Commonwealth Credit Union’s 100% Mortgage Financing helps qualified buyers avoid it and save money.

How No PMI Can Help You save

For many people exploring homeownership, the process can feel full of unfamiliar terms. One of the most common(and confusing) is Private Mortgage Insurance (PMI). If you’ve never bought a home before, you’re not alone if you’re unsure what it means or why it matters.
 
At Commonwealth Credit Union, we offer a 100% Mortgage Financing option for qualified borrowers that does not require PMI. Once you know what PMI is and why not having it can lower your costs, the steps to buying a home become much easier to understand!
 

What Is PMI?

PMI is a type of insurance that is usually required when someone puts a downpayment of less than 20% on a home. Because the lender is taking on more risk with a smaller down payment, PMI helps offset that risk.
 
Here’s what that means in everyday terms:
  • PMI is an extra monthly cost added to your mortgage payment
  • It doesn’t build equity or benefit you directly
  • It goes away only after you reach a certain amount of equity in your home

How 100% Financing Fits In

With true 100% financing, offered by Commonwealth Credit Union, eligible borrowers may be able to finance the full purchase price of a home—meaning no down payment is required. When paired with no PMI, this structure can make homeownership more accessible for those who prefer to keep savings available for other priorities.
 
This approach can be especially helpful for:
  • First‑time buyers
  • Borrowers who want to preserve cash for moving or home expenses
  • People who are ready to buy but haven’t saved a large down payment

Our Program

Our 100% Financing, No PMI option is available for: 
  • New purchases
  • Rate/term refinances
  • Fixed‑rate and adjustable‑rate mortgages
  • Manufactured homes and condos
Eligibility is determined through the standard credit review process, and program guidelines*.
 

Ready to Explore Your Possibilities?

If you’re learning about homeownership for the first time or comparing different mortgage options, our team is here to help you understand what may fit your situation. You can visit our Home Loans Page, Mortgage Web Center, or stop by a branch to learn more about this program and others


*Available for new purchase and rate/term refinance transactions only. Offer applies to first mortgage products, including fixed-rate and adjustable-rate options. Property must be the borrower’s primary residence. Escrow for property taxes and homeowners/flood insurance is required. Manufactured homes and condominiums are eligible. Minimum credit score of 720 required for all borrowers. Maximum loan amount is $400,000. Maximum debt-to-income ratio is 45%. No income restrictions apply. Two-month reserve requirement waived. No caution loans permitted. Student loans without a documented payment will be calculated at 0.50% of the balance. Applications currently in process may qualify under previous guidelines. Other restrictions and conditions may apply. Subject to credit approval. Terms and conditions subject to change without notice.