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Refinance: Need advice to get a single loan with less than 20% down and no PMI.

  • March 11 2010 - Chapel Hill
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Answers (9)

Profile picture for sunnyview
Yep, but some might still want to check out the Good Neighbor policy here and the guidelines for posting here. Zillow is a little different than some other sites so generally contact information is left on the profile page.
  • October 26 2010
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The OP most likely took care of his refi 7 months ago
  • October 26 2010
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Profile picture for Adam Westmoreland
Depending on the area you live in there is also a chance you may get a Property Inspection Waiver(PIW), and would not need an appraisal. The PIW is autmatically triggered in the automated underwriting system and will depend on several factors: LTV, Loan purpose, property location, as well as submitted property value on the application.

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  • October 26 2010
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  • October 26 2010
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ooops, sorry its a refi not a purchase.  Then you may wish to see who holds your loan(freddie mac/Fannie Mae) and see if you qualify for their streamline programs.  You can do this on-line.  IF you have no MI now you will have no MI after refi with those two programs. 

Let me know if this helps.
  • March 13 2010
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Depending on where your purchasing, the USDA has 100% financing available.  Rate is a about .25% higher, but with 100% financing and no MI it might be the route your looking for.

Let me know if this helps.
  • March 13 2010
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You'll always pay some sort of risk premium when your equity is less than 20%. (AKA over 80% loan to value/LTV).

Whether you take monthly borrower paid mortgage insurance, or finance up front lender paid mortgage insurance, or just outright buy lender paid mortgage insurance, you'll pay some kind of premium.

The best option on how to manage that premium depends on how long you intend to stay in the home and have the loan.

A good loan officer can help you analyze those options and explain which one costs the least on a monthly basis or provides you the most flexibility.
  • March 11 2010
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Lender Paid Mortgage Insurance is still availble. This means a higher rate with a comparable payment to having mortgage insurance.

Mortgage insurance is only tax deductible through 2010.  Congress must renew MI tax deductible status before Oct.2011. Congress has such a plate full of issues that I don't think MI is on the congressional radar.

Avoiding MI at this point and time makes financial sense. Here are the rate add ons for avoiding MI with a credit score>740.

90.01-95.00% LTV +.625%
85.01-90.00% LTV +.500%

80.01-85.00%LTV   +.250%


  • March 11 2010
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What kind of advice?  Are you asking if it can be done?  The answer is yes depending on your circumstances.  But you pay for it in rate.
  • March 11 2010
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