Should I put down 10% on buying a home or just wait and try to save 20% for the down payment? We need to buy a house soon and we have enough to make realistically a 10% down payment. Is there any way to not have PMI with just 10% down? Also, is it still possible to get two loans and use one for the down payment to get out of PMI? by grappler77 from Austin, Texas. Jan 17th 2011
Yes you can...program is called LPMI (lender paid MI)...rates are slightly higher though can end up saving you money vs. having borrower paid MI. Just have to do a simple loan comparison. You can also still do combo loans 80/10/10 in your example..though these are not as popular as they once were for the obvious reasons....feel free to contact me for a loan comparison to see what best fits your needs.Dan "The Loanman"
How long will it take you to save? 20% down with a 740 FICO Score will get you the best rates and programs available. .... Happy funding, Rudi
Great Q.'s Call Me 24/7/365...www.JimTeak.com...619-293-4200
Depending on where you live/want to buy, you may be able to buy a home with no money down and no monthly mortgage insurance with a USDA loan.http://www.usdamortgageonline.com
Our loan terms are as follows:5% Down5% Interest30 Year FixedNO PMIPlease email me for more information and details.FundingNow@Live.com
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