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Answers (3)
- Sarah Eubanks, "sarah.bella"
- Contributions:45
In general, Andy and Dave are correct. There is a lender, however, that I know of who will do a 90% loan with no MI (Mortgage Insurance) as long as your credit is satisfactory. I hope that you have found the information that you are looking for. Please feel free to contact me if I can answer anything for you more specifically. Best wishes to you as you embark on this purhase!
- Andy W. Harris, Crms, "Andy W. Harris CRMS"
- Contributions:26
I agree with earlier statement. These are hard to come by to 90% and the terms on the 2nd would likely be non-favorable regardless.
I would consider reviewing one loan to 90% and compare the different types of private mortgage insurance. (Borrower paid, lender paid, or split/hybrid MI). Comparing each will allow you to determine which one offers the lowest monthly payment and terms for your intended life of this loan.
Hope that helps!
I would consider reviewing one loan to 90% and compare the different types of private mortgage insurance. (Borrower paid, lender paid, or split/hybrid MI). Comparing each will allow you to determine which one offers the lowest monthly payment and terms for your intended life of this loan.
Hope that helps!
- Dave Skow, "daveskow"
- Contributions:1047
9/23/09
No not really many of these " 80/10/10" options or programs around any longer ....most buyers with 10% down are either needing to pay the monthly mortgage insurance , or use what is called a " lender paid mortgage insurance ( LPMI) program ( which has higher rates) or find some sort of unique program / lender that might have a 90% ltv program that requires no mortgage insurance ( eg. US BANK )
No not really many of these " 80/10/10" options or programs around any longer ....most buyers with 10% down are either needing to pay the monthly mortgage insurance , or use what is called a " lender paid mortgage insurance ( LPMI) program ( which has higher rates) or find some sort of unique program / lender that might have a 90% ltv program that requires no mortgage insurance ( eg. US BANK )
do lenders still do 80% loans with another 10% loan if I have 10% to put down
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