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80-15-5 Loan in NJ??

Hi there,

I was wondering if anyone knows if there are still any 80-15-5 loans in NJ.  I am trying to avoid PMI.  Thanks!

Tania
  • June 23 2011 - Fairfield
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Answers (4)

Profile picture for shapiroamg
Ask your lender about an LPMI loan.
  • June 23 2011
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Tania...An Lender Paid MI loan may be worth looking at given the historically low rates we are at. Plus I have not seen many banks up here that offer second mortgages to that CLTV.  If you would like to explore your options, please feel free to contact me through my profile.
  • June 23 2011
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Profile picture for shapiroamg
And Joe is the guy to help. call him.
  • June 23 2011
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Tania,

I think it's very tough to find any lender doing an 80-15-5 anymore.  To avoid PMI there are a few ways to structure your deal but completely avoiding it might be tough.  That being said, there are some structures that may allow you to set up your deal to maximize your monthly cashflow -- your specific goals will be an important variable in your decision making process in how you should proceed.  Please contact me for further discussion if you'd like.  Take care!

Bill
  • June 23 2011
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