Posted on: 09th Apr, 2011 09:32 am
Hello, can someone give me a list of some lenders that have loans for First time home buyers with out PMI insurance.
Thank you
Thank you
Hi faithhopelove1978,
Welcome to Mortgage fit,
You can go through our communities list of lenders and can contact any of them which is giving service in your locality...
http://www.mortgagefit.com/lenders/dir
In order to get a loan without PMI...one should fulfill some basic criteria...
1.down-payment should be more or equivalent to 20 % of the proposed property.
In order to simplify it further....
Get a 1st mortgage for 80%, and a 15% 2nd mortgage. There will be no PMI! The interest is higher on the 2nd, but the interest is tax deductible, and PMI is NOT.
Feel free to ask any further query if you have.....
DIPA
Welcome to Mortgage fit,
You can go through our communities list of lenders and can contact any of them which is giving service in your locality...
http://www.mortgagefit.com/lenders/dir
In order to get a loan without PMI...one should fulfill some basic criteria...
1.down-payment should be more or equivalent to 20 % of the proposed property.
In order to simplify it further....
Get a 1st mortgage for 80%, and a 15% 2nd mortgage. There will be no PMI! The interest is higher on the 2nd, but the interest is tax deductible, and PMI is NOT.
Feel free to ask any further query if you have.....
DIPA
Dipa, under current tax law, mortgage insurance premiums are deductible. That's subject to change, of course, but it's been like that for a few years now.
Then again, with the financial issues we're having in this lovely domicile of ours, no tax deduction is guaranteed long term. There's a lot of rumbling about the deductibility of mortgage interest.
Then again, with the financial issues we're having in this lovely domicile of ours, no tax deduction is guaranteed long term. There's a lot of rumbling about the deductibility of mortgage interest.
Thanks george for the correction....My apologies to all the concerned parties involved..
DIPA
DIPA
USDA and VA Guaranteed Home Loans don't have PMI, so you may want to research those. Both have a fee though, but it's not PMI. They're also the only two programs that offer 100% financing.
It's a pleasure to be of service, Dipa.
Used to be, if yoe FICO was good (slightly above the arithmetic mean of 720 or so), you could get a FNMA 85% conventional without MI. As far as I know, Fannie hasn included that feature in contracts for over a year. The annual flub promotion is likely about to run out of funds for the year but in most locations it $5,000 in not a loan but a deed restriction with a prorate five year cap. Worth looking into but you need to use a FHA mortgage which has, you guessed it. Mortgage insurance.
I'm utterly unfamiliar with 85% ltv conventional loans with no mortgage insurance. I'm also utterly unfamiliar with the "annual flub promotion" that is described.
Assuming that there's anything to either of these, can we get some clarification, please?
Assuming that there's anything to either of these, can we get some clarification, please?
I have no notion of an 85% ltv conventional loan without mortgage insurance, regardless of credit score. Furthermore, I also have no notion of what an "annual flub promotion" is. Can you provide us with additional information, please, so we can decipher what you're discussing? Thanks, Guest.