Posted on: 31st Dec, 2008 08:35 am
Are there any MI's that are allowing 5% down on Conventianal Mortgages?
i'm looking at a rate chart for united guaranty right now that shows 95% ltv loans on it.
so...looks like it's a workable situation.
so...looks like it's a workable situation.
PMI with 5% down payment is OK except in declining market areas where the down payment is 10%.
Not all PMI companies have exactly the same declining market areas as the next one. They are very similar and catch up to each other quarter after quarter.
Also, one of them allows 5% down in declining market area but only for first time home buyers.
We can not tell you unless we know the zip code of the subject property.
If your credit score is below 700, a 3.5% down payment FHA mortgage may be better poriced than a conventional loan.
Not all PMI companies have exactly the same declining market areas as the next one. They are very similar and catch up to each other quarter after quarter.
Also, one of them allows 5% down in declining market area but only for first time home buyers.
We can not tell you unless we know the zip code of the subject property.
If your credit score is below 700, a 3.5% down payment FHA mortgage may be better poriced than a conventional loan.
happy new year, john; and i agree with you. fha is a nice alternative for all those with minimal amounts for down payment combined with a less than great credit score.