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hi,
im 24 and coming close to buying my first house. i live in Andover, mn about 25 miles north of Minneapolis. Im lookin at buying a foreclosed house as a fixer upper. I probably wont live ...
toolate
What are ways to avoid PMI (mortgage insurance) if we can't put 20% down?
are there any ways or pretty much thats it? i heard the 80/20 loans are no longer available is that true?
Don't worry. PMI is tax deductible. It will probably be cheaper than a high interest rate second mortgage.
valstpatrick
the ONLY way to avoid paying PMI is do to do a piggyback of 80/20 (or whatever amount OVER 80% you are borrowing. 80/20 loans are still available, but the qualifications are harder today than they were say a year ago.
However, compare your OVERALL payments going 80/20 vs. one loan @ 100% plus PMI or MIP (if FHA). The good news is PMI is NOW tax deductible whereas in the past is was NOT. So, if your overall payment is lower with the PMI take that loan offering because once you paydown the loan to 78% the PMI will be dropped by the lender.
Good Luck
newmexicorealestateforms
To learn about all the intricacies of how PMI works and what you can and can not do you might want to go visit this site where the government explains everything and is too long to put in here anything else could be misleading.
HUD Private Mortgage Insurance (PMI) Information: http://www.hud.gov/offices/hsg/sfh/res/respapmi.cfm
Good luck on your research
spagirl23188
There is pretty much no way to avoid it, if you do not have stellar credit now and days it is very hard. What state are you in? My fiancee owns a mortgage company here in town and he would be happy to talk to you about it... we are in FL e-mail me at spagirl23188@yahoo.com
loancareer
Even though you can no longer get an 80/20 doesn't mean you are stuck. Many lenders now offer LPMI - Lender Paid Mortgage Insurance or the offer a One Time Payment. - LPMI usually means a higher rate so proceed with caution.
I have to ask. Why are you afraid of MI? Did you know that MI payments is now tax deductible in most cases? Did you know that if you maintain your mortgage payments you may get the MI off in as little as 3-years?
We as borrower's have this phobia when it comes to mortgage insurance. I really think it's unfounded. Rethink the whole MI thing. It's not a bad deal.
matsonb
That's not true if you have good credit. Even if your scores are in the mid 600's you can probably find a lender for this scenario. If you definitely can't put money down, spend the next few months making sure your credit is stellar so you can qualify for the 80/20 type loan.
You can also do ONE loan with a slightly higher interest rate, but there is NO PMI. This is called LPMI, or Lender paid PMI. Just run both scenarios and see which one gives you a lower payment. http://www.choicefinance.net/faq/what-is-PMI.htm
pearlmel
there are options for you. it is true that lenders are tightening. they are still doing 80/20 loans they are requiring strickter guidlines.
there are other options avallible every borrower is different and each is handeled differently and placed with the loan that best suits them that they qualify for.
find a decent lender and let them work it out for you! here is one contact for you they did my loan. they got me fiananced
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