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lismik
LIF Infant
Member since 9/10 311 total posts
Name:
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PMI
So we have been approved for our mortgage but the PMI so far has not been approved. It has been denied by the first insurance company the bank works with. Not because of our funds but bc of the appraisal. THey said that the comps that were used were not sufficient for them.
Has this ever happened to anyone?
I am devistated beyond belief and really ****** becasue it is something out of our control. THey are going to send to another Insurance company after having the appraiser go back out but basically if we dont get it we wil lose the place. We hav put down 17% and while we can come up with teh extra apx 10K we didnt want to spend it all....
Has anyone dealt with this and if so advice/experience please?
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Posted 10/25/10 11:48 AM  |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: PMI
If a bank is denying your PMI, I would walk from this house.
You are probably putting down a very minimal down payment. If the bank feels the house isn't worth what you feel it is, I wouldn't buy it.
If you buy it, you could potentially be starting upside-down on the house. Not a good financial position to be in.
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| Posted 10/25/10 1:23 PM |
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lismik
LIF Infant
Member since 9/10 311 total posts
Name:
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Re: PMI
No, the bank has approved us for the mortgage it is now the insurance agent that we cannot get the approval for the PMI with. We are putting 17% down so it is not a small amount of money.
They are saying because there are no comps in the past year in the town (it is a condo) that is why we are having a hard time.
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| Posted 10/25/10 1:58 PM |
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