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MR | Purchase house for 240,000 but the tax appraised value is 320000. If you put 0 down must you pay PMI? |
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bvpeterson
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This is up to your lender. PMI protects them. If you can talk them out of it and still get the loan, good for you. But its their call. |
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Insurance Biz CT
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PMI has nothing to do with the tax appraised value, however, it may indicate the the "real" value of the property is greater than that. In this case, I don't believe that PMI would be required, as you would be financing less than 80% of the value of the property. |
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mr_jutebox
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if you owe less that 80% of the value of the home, you shouldn't have to pay PMI. Check with your bank and ask them. |
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Finance_Diva
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The appraised value is not an issue. The loan to value (LTV) is the real issue. If the purchase price was $320K and you obtained a loan for $240K and you paid cash for the rest, then your LTV was 75%. You will not be required to pay PMI unless your LTV is over 80%. The reason for that is because Fannie Mae insures conventional loans up to 80% LTV. Any amount financed over 80% is uninsured and therefore is a risk to the lender. They have no guarantees that they will be able to recoup the other 20% if you default on the loan. If the lender forecloses and sell the property they will lose money. It will not be sold for what is owed--guaranteed. But at 75% LTV, you should not be made to pay PMI.
However, if the property is worth $320K but the purchase price is $240K and you are obtaining a loan for any amount over $192K (80% of $240K), you will probably be required to pay PMI. Again, that is because your LTV is more that 80% of the purchase price.
If you are putting $0 down, you probably have a 100% LTV loan or a combo loan. For example, a 1st mtg for 80% and a 2nd mtg for 20%. That is still a 100% LTV. Both loans are probably from the same lender.
If you don't have any money to put down, you are lucky to be able to get 100% financing right now. You must have excellent credit. Take it and run...
However, if the seller is willing to play ball... Thereis a down payment assistance company that can use the equity in the property to get you a better rate and avoid PMI by lowering your LTV. You will have a better rate on an 80% loan and you will get to use their $$ to put down. The seller will have to agree to raise the sale price by 20% and give the additional money back to the down payment assistance co as a charitable (tax free) donation after closing. Good luck! |
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Margaret K
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Purchase price and loan on that amount is what is going to drive PMI requirements as previously stated. One little item of recent news, PMI is tax deductible for home purchases in 2007 with incomes of $100,000 or less. It is not available on second homes. Don't know if this helps you any but it was welcome news for a lot of us. |
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Scott B
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Most lenders use the the lesser of the purchase price or the appraised value to compute your loan to value ratio. The tax assessment is not taken into consideration. Most likely you would be required to pay PMI even if the home is appraised for $320k. Each lender has different rules about removing PMI, but most require a minimum of 2 years and a new appraisal at your expense. |
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Holly
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I was looking at a house that was asking $50k under the appraisal, and I asked my mortgage guy about the PMI insurance. He told me that with that kind of difference between the appraisal value and the amount the house sold for that I could petition to have the PMI taken off after a year. |
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patrickmcc55
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Depneds on who appraised it. If the bank appraised it at $320,000, they may allow you to forego PMI, but I doubt it. |
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eagleperch
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Value is determined by a certified appraiser's valuation and not the locality's, although you may have found a good deal. Should be a warning sign.....25% devaluation! Are you in an area which is in a housing slump? If so, 240,000 may be more than the property is worth! |
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Puddinhead
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As long as you are not borrowint over 80% of the value, and the lender didn't cut the appraisal's value in underwriting, PMI isn't required. Your loan is only 75% LTV (loan to value), so it shouldn't be required. |
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