What company offers PMI insurance on a rental house?

Question

I'm buying a house to rent out. I can only come up with 10% for a down payment. Everywhere that i call tells me that they do not offer PMI insurance on rental property and that I would have to come up with 20% down payment. Does anyone know of a company that offers PIM insurances on rental property? PLEASE HELP!

Answer 1

It's not a private coverage you can buy.

With the recent sub prime mortgage crisis, that extra 10% is going to keep you out of a standard mortgage - and most sub-prime lenders won't touch you, either.