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5.125% with no MI on 5% down

I came across this review and was amazed that this program was out there.  Jason and Kristin (or better yet Derek), I would love for you to come on here and tell us more about it.  It looks like Derek lends all across the nation.  There are a lot of us that will get inquires due to our dedication to the site from people in states that we can not service.  I think we all would love to refer such a great product.

http://www.zillow.com/pro ... received/

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September 11 2009 - USA
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I have a bunch of lenders but they all stop LPMI at 90%. He should get a couple hundred loans this month with that product. Wonder how you get your client to do a review with years of experience, direct Fannie lender, ect and with bullet points that looks like a sales ad? 
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September 11 2009
Tool!
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September 11 2009
I can actually offer LPMI to 95%....I would be shocked if CapWest had the same waiver from the MI company since it is a waiver given to community banks...I would be curious what is meant by PMI Buyout since it would be very expensive!
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September 11 2009
I can also do 5% down with no mi
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September 11 2009

Anna, what is the cost at 95% for LPMI?

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September 11 2009
2.1% is what it would cost for a 740+ fico.

We would do it as a Single Premium and use over par pricing to pay the premium or have the borrower pay up front.
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September 11 2009
So Andrew, what are the chances of you doing the deal as originally posted, 5.125% if you have to pay 2.1% just for the mi?  A bogus quote is a bogus quote.
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September 11 2009
Exactly...At 5.125% there is not much room to incur that cost.
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September 11 2009

That's why I was curious what was meant by a PMI Buyout?

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September 11 2009

My guess is that the PMI buyout would be called points by an honest lender.

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September 11 2009
Just to be fair to Derek, this is not a quote that we are talking about. And actually I have no doubt the loan can be done (as evidenced by Anna and Andrew saying they can do it).  Just would like to get the full details.  Not happening at that rate with no points in California or some other major declining market with a 695 score
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September 11 2009
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I can't comment on this specific instance but CapWest does have a very good reputation in the KC market.  They are also very aggressive with their pricing so I wouldn't be surprised if they closed a loan without your typical margin. 
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September 11 2009
 
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  • Posted by Joe Cafiero
  • In Mortgage
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