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I have been approved for a FHA loan with 10% down but can'f find a pmi comp. to insure the loan,HELP

Second home, 244900, 10% down.  Are there pmi or mip companies that will insure me?

  • March 06 2009 - Lake Geneva
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Answers (4)

2 things

#1 Why are you answering a 2 year old question?
#2 Why are you answering a 2 year old question with incorrect information? As pointed out 2 years ago, FHA does not provide PMI. This could easily be discerned by the "Private" in PMI.
  • April 25 2011
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FHA will not insure mortgages on 2nd homes or investmentst properties.  PMI co's are insuring  2nd homes  at 90% ltv.  There are only a handful of PMI co's around andmost lenders are set up w/ multiple pmi co's if not all of them and they shop your loan around until they find one willing to take the risk (if there is one that will do so).   However, PMI co's took a huge beating in the RE collapse so they have come back smarter.  10% down payment will limit your max qualifyingDTI to 41% and likely require several months of reserves on your properties depending upon the % of equity in the property.  PMI cos are taking huge risks so they have taken steps to limit thier risk.  You must be a healthy borrower to qualify for PMI.  good luck.

  • April 25 2011
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Great question, but I am not so sure you have your facts straight.  It sounds like you are talking about a conventional loan.  MI is all about risk.  There are some MI companies that will do your type of scenerio, however the risk must be low.  High credit score, low DTI, and reserves adn retirement can pull that off.  Other than that, you will need to lean towards FHA. 
  • April 25 2011
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1. FHA loans do not have MI companies provide insurance
2. FHA loans cannot be used for 2nd homes

  • March 06 2009
  • 1Yes

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