Is this interest rate too high for an 800 FICO?

5.15 is rather high. If you are doing 90% financing, conforming loan amount, with impounds, and 760 plus fico, you should be in the 4's. You also want to look at the APR, the spread between your rate and APR should be close, if the spread is large, you are paying more for the loan.

The 5.15% rate defeats the purpose of doing 80/10/10. You could do one loan at 90% LTV in the low 4's, pay the required PMI and still pay lees monthly than you would under the 80/10/10 scenario you are currently applying for.If you want todiscuss this further please call me. Joe Shamie 877-662-3321 x-102

That's insanely high. You should not do an 80/10/10 anyway. You need to do 90% LTV with single premium MI. This is a one time buyout of the mortgage insurance and I can include it in the rate so it won't cost you at closing. Even with this, your rate will still be well below 5%. I am in California and licensed in California; contact me through my profile and I'll provide you a detailed quote so you can see exactly what I am referring to.

Yes, I see this to be high as my rates are in the mid 4.00% on a 30-Year conforming with a 90% CLTV. I also have a loan that you can go upto 95% Loan to Value with NO monthly MI. This is most likely why your lender is looking at a 80/10/10 for you, to avoid MI!! Please feel free to contact me, my name is Cindy MacDonell at First Priority Financial Inc. at 707-206-2832. I would be happy to provide to you a estimate on fees on your scenario. I am in DRE/NMLS approved in California and have the ablility to broker and bank. With Trust Honesty and Intregrity you can count on. Will take good care of you!!

Yes! That rate is way too high! You best bet is to contact Mr. Denny with TriPoint who suggested the single premium MI idea and proceed with an application with his firm. Apply at his webstie at www.wefixrates.com