Attn Steves/Cami - Need Information

[Boner_18]

Do you guys work refi or new purch? If the latter, is 80/10/10 still out there? What about 90/10?

Trying to avoid PMI for a very specific reason... Just wondering what two players with fingers on the pulse are seeing.

 

[Cami]

I personally never deal with ARMs. FHA is where the PMI would get you, though that is a min 3.5% down (at least in our state). If you are going to put more down, you could go convention and that doesn't usually have PMI. That's about all I can tell you, Steve knows the details of the business better then I do, plus I am new to the purchase realm of our industry.

 

[stevek173]

Bone Bone what's up man. Hitched and now getting a place? Congratulations, great time to be buying though rates are going up.

As far as those programs I think they are like a lot of the other formally popular programs from the BC Days - still legal but obselete. I haven't seen one since RESPA came out and we don't do them. What I would look into if I were you is LPMI (Lender's Paid Mortgage Insurance) if you are able to put down 5% so you can go Conventional. The rate might be a little higher but in the long run if you will be living in the place for more than a few years it saves you a ton of money.

Also if you are looking to limit your money down see if Sellers will do a "Seller's Assist" also known as a "Seller's Concession". This can make a big difference (i.e. on a Conventional Loan putting down $5,000 instead of $10,000 or so).

Let me know if we can do anything else to help, and good luck. .

 

[Tron]

Stevie



Love you, man.

:AchtungBaby:

 

[Tomato]

Are 3.5% interest rates gone forever?

 

[Cami]

No they are still around, the market has spiked slightly the past few weeks, but it will come back around.