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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Are FHA loans the only way to get a mortgage now if you arent putting 20% down
Anyone know
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Posted 6/30/09 1:06 PM  |
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CoachC
LIF Infant
Member since 8/08 275 total posts
Name:
Kerri
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Re: Are FHA loans the only way to get a mortgage now if you arent putting 20% down
Nope. You can get a conventional mortgage with less money down, but you do have to pay PMI.
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| Posted 6/30/09 1:22 PM |
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eddiesmommy
best buds!
Member since 5/09 11524 total posts
Name:
Melissa
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Re: Are FHA loans the only way to get a mortgage now if you arent putting 20% down
from what I understand though, its now hard to find someone to underwrite PMI with less than 10% down, most wont do it these days. This is the problem we've had a few times trying to sell our house. We had a few offers, from pre-approved couples, only to have them fall through bc they had less than 10% to put down and couldnt find anyone to issue PMI.
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| Posted 6/30/09 1:26 PM |
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Nik211
my little monkey<3
Member since 5/08 3303 total posts
Name:
Nik
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Re: Are FHA loans the only way to get a mortgage now if you arent putting 20% down
our mortgage broker told us that it's hard to get the actual PMI - at one point we were thinking of doing 10 or 15% down and he said we would be better off doing FHA or 20%.....b/c getting PMI is not easy these days....
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| Posted 6/30/09 1:28 PM |
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Nik211
my little monkey<3
Member since 5/08 3303 total posts
Name:
Nik
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Re: Are FHA loans the only way to get a mortgage now if you arent putting 20% down
Posted by eddiesmommy
from what I understand though, its now hard to find someone to underwrite PMI with less than 10% down, most wont do it these days. This is the problem we've had a few times trying to sell our house. We had a few offers, from pre-approved couples, only to have them fall through bc they had less than 10% to put down and couldnt find anyone to issue PMI.
EXACTLY what i was trying to say below - that is how our mortgage broker explained things to us....
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| Posted 6/30/09 1:29 PM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: Are FHA loans the only way to get a mortgage now if you arent putting 20% down
Ok, just checking for my brother... Thanks things are very different from when i got my mortgage
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| Posted 6/30/09 2:08 PM |
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annoyedTTCer
LIF Adult
Member since 4/09 3272 total posts
Name:
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Re: Are FHA loans the only way to get a mortgage now if you arent putting 20% down
You used to be able to do 80/10/10 but banks aren't offering that option to may people
80% financed
10% down payment
10% home equity loan to add to down payment to avoid PMI
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| Posted 6/30/09 2:11 PM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: Are FHA loans the only way to get a mortgage now if you arent putting 20% down
Posted by annoyedTTCer
You used to be able to do 80/10/10 but banks aren't offering that option to may people
80% financed
10% down payment
10% home equity loan to add to down payment to avoid PMI
I know thats how i bought my first home.. Wasnt sure now with all these new rules in place
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| Posted 6/30/09 3:25 PM |
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Cpt2007
A new love!
Member since 1/08 5946 total posts
Name:
Liz
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Re: Are FHA loans the only way to get a mortgage now if you arent putting 20% down
Actually, we are approved for a conventional 30 yr with only 5% down and no PMI. Granted, that's through a credit union and we have very good credit, but sounds like it is still being done.
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| Posted 6/30/09 3:38 PM |
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Leeners
:)
Member since 5/05 4898 total posts
Name:
Eileen
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Re: Are FHA loans the only way to get a mortgage now if you arent putting 20% down
We're approved for a conventional loan, 16.3% down, PMI wasn't a problem (meaning we have to have it but it wasn't an issue to get). We both have credit in the 800's and a current mortgage, so maybe that helped.
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| Posted 6/30/09 3:45 PM |
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