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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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Less than 20% down, no PMI, no 80/20 mort
This is what we're getting through BOA. Even though we're putting less than 20% down, we will not be paying PMI, and will not be taking out two mortgages - 80/20.
I haven't heard of anyone else doing this. Have you?
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Posted 3/27/07 9:50 AM  |
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Prudential Douglas Elliman Real Estate
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MrsNaunie
Kai helps my father dump out.
Member since 9/06 1181 total posts
Name:
Lauren
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Re: Less than 20% down, no PMI, no 80/20 mort
That's the same loan we're doing, and Lorich did that one as well. I was skeptical at first too, but now even my lawyer is getting that loan!
BoA is trying to acquire more home loans, and they are doing this to appeal to more first time buyers.
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| Posted 3/27/07 9:56 AM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: Less than 20% down, no PMI, no 80/20 mort
 Me of course! 
Let's not forget to mention it's an AWESOME rate too!
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| Posted 3/27/07 9:59 AM |
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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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Re: Less than 20% down, no PMI, no 80/20 mort
Absolutely! I just feel like I should be shopping around, you know? The phrase "Too good to be true" keeps popping into my head and I was wondering if anyone else out there offers it.
Lorich, they told me something like 6.25%... That's standard for a 30 year fixed, right? I just hope it doesn't change too much before October!
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| Posted 3/27/07 10:04 AM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: Less than 20% down, no PMI, no 80/20 mort
Posted by greenfreak
Absolutely! I just feel like I should be shopping around, you know? The phrase "Too good to be true" keeps popping into my head and I was wondering if anyone else out there offers it.
Lorich, they told me something like 6.25%... That's standard for a 30 year fixed, right? I just hope it doesn't change too much before October!
It all depends on when you lock in a rate. When we locked in it was 6.125%.
Trust me...it's not too good to be true. We're all signed up - saving oodles of money. All it took was some research.
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| Posted 3/27/07 10:06 AM |
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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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Re: Less than 20% down, no PMI, no 80/20 mort
Oodles. Love it.
I think I just want to do something to prepare. It's six more months, and we're checking out neighborhoods, have our preapproval.
We're going to be looking into lawyers & engineers.
Otherwise... We're just saving money. What else should I be doing?? 
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| Posted 3/27/07 10:14 AM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: Less than 20% down, no PMI, no 80/20 mort
Posted by greenfreak
Oodles. Love it.
I think I just want to do something to prepare. It's six more months, and we're checking out neighborhoods, have our preapproval.
We're going to be looking into lawyers & engineers.
Otherwise... We're just saving money. What else should I be doing??
Oooo...I can help you with both Lawyer & Engineer too!
I can't thank the friend of mine who recommended LIHP to me.
There are those out there who immediately hear LIHP and think SonnyMae and they feel it's only for very low incomes. Those are the ones who are missing out on saving money...LOTS of it.
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| Posted 3/27/07 10:31 AM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Less than 20% down, no PMI, no 80/20 mort
Can you please tell me more about this program? The rules of it? Thanks!
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| Posted 3/27/07 11:03 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Less than 20% down, no PMI, no 80/20 mort
I also have this thru BOA
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| Posted 3/27/07 11:04 AM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Less than 20% down, no PMI, no 80/20 mort
Is it an FHA loan? I don't understand why BOA would do this, especially these days.
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| Posted 3/27/07 11:07 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Less than 20% down, no PMI, no 80/20 mort
Posted by SweetTooth
Is it an FHA loan? I don't understand why BOA would do this, especially these days.
no its not an FHA loan.
I got mine bc FH is a city teacher. it was 5.875% fixed for the whole loan.
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| Posted 3/27/07 11:15 AM |
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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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Re: Less than 20% down, no PMI, no 80/20 mort
I actually asked BOA that, why they do this. He said that they have this program ("community" something or other) to give back to people in communities that tend to struggle with conventional mortgages.
In other words, they're doing good for people to gain favor.
You can do up to 106% (so you can include closing costs if you wish) or you can do what we're doing and put money down. You don't have to put down 20 or even 10%.
I asked him the risk of this program going bye-bye because of the current state of foreclosures and other banks doing the same, and he said that anything can happen, but what they are pulling back on is the sub-prime market. People who have credit concerns. Luckily, that's not a problem for us.
And they offer this program even to people who make 120k combined! It's really worth checking out. I found out from Lorich, who found out through LIHP. So I met with LIHP last week, and was very happy with Lynn Law.
She helped us understand how all this works, answered our questions about interest rates, what we can afford, gave us worksheets with examples of house prices / tax amounts and what that means in terms of monthly payments, a worksheet that breaks down closing costs.... It was definitely worth the trip.
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| Posted 3/27/07 11:35 AM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Less than 20% down, no PMI, no 80/20 mort
Posted by greenfreak
I actually asked BOA that, why they do this. He said that they have this program ("community" something or other) to give back to people in communities that tend to struggle with conventional mortgages.
In other words, they're doing good for people to gain favor.
You can do up to 106% (so you can include closing costs if you wish) or you can do what we're doing and put money down. You don't have to put down 20 or even 10%.
I asked him the risk of this program going bye-bye because of the current state of foreclosures and other banks doing the same, and he said that anything can happen, but what they are pulling back on is the sub-prime market. People who have credit concerns. Luckily, that's not a problem for us.
And they offer this program even to people who make 120k combined! It's really worth checking out. I found out from Lorich, who found out through LIHP. So I met with LIHP last week, and was very happy with Lynn Law.
She helped us understand how all this works, answered our questions about interest rates, what we can afford, gave us worksheets with examples of house prices / tax amounts and what that means in terms of monthly payments, a worksheet that breaks down closing costs.... It was definitely worth the trip.
Thanks for the info!
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| Posted 3/27/07 11:37 AM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: Less than 20% down, no PMI, no 80/20 mort
Definitely go Lauren! You will NOT be disappointed.
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| Posted 3/27/07 11:50 AM |
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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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Re: Less than 20% down, no PMI, no 80/20 mort
It's like that movie... Pay It Forward... I want to spread the love.
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| Posted 3/27/07 11:56 AM |
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NJmom
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Member since 8/05 4987 total posts
Name:
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Re: Less than 20% down, no PMI, no 80/20 mort
Posted by greenfreak
And they offer this program even to people who make 120k combined!
So is 120k the income limit?
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| Posted 3/27/07 12:09 PM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: Less than 20% down, no PMI, no 80/20 mort
Posted by BabyInMarch
Posted by greenfreak
And they offer this program even to people who make 120k combined!
So is 120k the income limit?
I recall it being $140k or $150k...maybe it changed
ETA: but it is ONLY for first time homebuyers.
Message edited 3/27/2007 12:14:26 PM.
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| Posted 3/27/07 12:13 PM |
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Eleanor
LIF Adult
Member since 2/06 2223 total posts
Name:
Ellie
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Re: Less than 20% down, no PMI, no 80/20 mort
I heard years ago that BOA did 100% for teachers - what a great idea!
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| Posted 3/27/07 12:19 PM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: Less than 20% down, no PMI, no 80/20 mort
We're going to look into LIHP as well. MY DH is an adjunct teacher at Nassau Community - I wonder if that will help us at all.
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| Posted 3/27/07 1:12 PM |
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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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Re: Less than 20% down, no PMI, no 80/20 mort
Posted by lorich
Posted by BabyInMarch
Posted by greenfreak
And they offer this program even to people who make 120k combined!
So is 120k the income limit?
I recall it being $140k or $150k...maybe it changed
ETA: but it is ONLY for first time homebuyers.
I wasn't told what the total limit is, but I know it's at least 120k.
Right - first time homebuyers only. That, in addition to borrowing the 10k from the IRA without penalty (again first time homebuyers), and our savings, makes it possible for us to be homeowners.
The house prices may be crazy, but at least there's a little bit of assistance out there for us. 
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| Posted 3/27/07 2:20 PM |
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riniko
LIF Toddler
Member since 3/06 486 total posts
Name:
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Re: Less than 20% down, no PMI, no 80/20 mort
I just called to inquire it is a gross income of $150150 and it is LIKELY to go up to $154k.
eta it is not a 80/20 mort. It is 100% financing through BOA, without PMI and a the same interest on the entire mort.
Lynn Law sounds like a very sweet lady.
Message edited 3/27/2007 3:34:39 PM.
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| Posted 3/27/07 3:27 PM |
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Hi-Fi55
12 years...wow....
Member since 2/06 2984 total posts
Name:
Dianne
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Re: Less than 20% down, no PMI, no 80/20 mort
Posted by SweetTooth
Is it an FHA loan? I don't understand why BOA would do this, especially these days.
There are quite a few banks that still offer 80/20 loans.
BOA, Indymac, ABC Conduit, Chase and Wells Fargo - your credit score usually has to start at 680 though.
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| Posted 3/27/07 3:31 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Less than 20% down, no PMI, no 80/20 mort
Posted by Hi-Fi55
Posted by SweetTooth
Is it an FHA loan? I don't understand why BOA would do this, especially these days.
There are quite a few banks that still offer 80/20 loans.
BOA, Indymac, ABC Conduit, Chase and Wells Fargo - your credit score usually has to start at 680 though.
these types of loans are not going away for people with good credit
just in the subprime market- meaning not good credit
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| Posted 3/27/07 3:53 PM |
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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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Re: Less than 20% down, no PMI, no 80/20 mort
Posted by Hi-Fi55
Posted by SweetTooth
Is it an FHA loan? I don't understand why BOA would do this, especially these days.
There are quite a few banks that still offer 80/20 loans.
BOA, Indymac, ABC Conduit, Chase and Wells Fargo - your credit score usually has to start at 680 though.
Just to clarify, this BOA mortgage that we're talking about is not an 80/20. It's one mortgage, no downpayment required, and no PMI.
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| Posted 3/27/07 4:07 PM |
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chikita315
Love
Member since 8/06 7945 total posts
Name:
M-lo
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Re: Less than 20% down, no PMI, no 80/20 mort
Posted by greenfreak
Just to clarify, this BOA mortgage that we're talking about is not an 80/20. It's one mortgage, no downpayment required, and no PMI.
Do you have to go through LIPH to qualify for the loan? Or are you going through BOA directly?
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| Posted 3/27/07 4:10 PM |
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