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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 greenfreak
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.
I mis-read your OP. But those are banks that are still doing those mortgages anyway.
I just went to a seminar last week for mortgage brokers and BOA was one of the guest speakers. I was so impressed with everything they have to offer. They have the most available options for purchasers nowadays. I would recommend them over any bank.
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Posted 3/27/07 4:13 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 chikita315
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?
You MUST go through LIHP.
As I've posted several times before, we went directly to BoA and NEVER did they mention this option. We made an appt with LL & LIHP and the doors opened up.
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| Posted 3/27/07 4:13 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 greenfreak
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.
so it's 100% - you can still get those also if you have good credit
and you can get an FHA loan for 100%- not all companies are approved for it yet- but my husbands is- they are banking 100% FHA loans in 41 states
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| Posted 3/27/07 4:15 PM |
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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 lorich
Posted by chikita315
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?
You MUST go through LIHP.
As I've posted several times before, we went directly to BoA and NEVER did they mention this option. We made an appt with LL & LIHP and the doors opened up.
I went directly to BOA, but I knew about the program that FH and I got bc it was on the NYC Teacher Union website.
and no-one at BOA knew what I was talking about I went thru five people before I found one - and then I had to go to the LIHP to qualify.
so save yourself the trouble and go directly to LIHP
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| Posted 3/27/07 4:15 PM |
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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 Beth1210
Posted by greenfreak
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.
so it's 100% - you can still get those also if you have good credit
and you can get an FHA loan for 100%- not all companies are approved for it yet- but my husbands is- they are banking 100% FHA loans in 41 states
its is up to 100% financing - but its ONE loan at the same low interest rate with no PMI (FH and I put 10% down, so our mortgage is for 90% at 5.875% one 30 yr. mtge.)
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| Posted 3/27/07 4:17 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 Beth1210
so it's 100% - you can still get those also if you have good credit
and you can get an FHA loan for 100%- not all companies are approved for it yet- but my husbands is- they are banking 100% FHA loans in 41 states
Does that include no PMI? I was reading about FHA loans and was under the impression that you still had to pay mortgage insurance.
We do have good credit, and wouldn't want 100% since we do have some money to put down. But we don't want to be hit with any adjustable rates or insurance.
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| Posted 3/27/07 4:21 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 Meaghan729
5.875% one 30 yr. mtge.
 NICE rate. Congrats! 
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| Posted 3/27/07 4:22 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 greenfreak
Posted by Beth1210
so it's 100% - you can still get those also if you have good credit
and you can get an FHA loan for 100%- not all companies are approved for it yet- but my husbands is- they are banking 100% FHA loans in 41 states
Does that include no PMI? I was reading about FHA loans and was under the impression that you still had to pay mortgage insurance.
We do have good credit, and wouldn't want 100% since we do have some money to put down. But we don't want to be hit with any adjustable rates or insurance.
I can ask my DH- it's up to 100%- so you don't have to do 100%
but there is a max value- it's decent
we are going to do an FHA when we buy our house OOS
give me a few minutes- he is busy- FHA loans require alot more paperwork on his part!
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| Posted 3/27/07 4:25 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
Thanks Beth! I'm in no rush or anything, I'm just curious, trying to educate myself.
We have a friend of the family who is a RE/Mort broker but we already got the preapproval from BOA so I'm just wondering if I'm going to be faced with more decisions when it comes time to talk to him about houses and mortgages. To figure out if there is anything similar, or we're all set as it is.
Thanks ladies, for the responses and info. 
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| Posted 3/27/07 4:30 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
From Jake about FHA loans......
you have to pay MIP on an FHA loan no matter what the % you finance
PMI and MIP are almost the same thing MIP is slightly less a month though same idea any conventional loan higher then 80% you have to pay PMI on to- the only way to avoid PMI or MIP over 80% it to take a subprime loan with a higher rate or split a conventional mortgage in two 80% and 20% second the second will have a 9 to 13% rate if fixed
does that make sense?
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| Posted 3/27/07 4:40 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 Beth1210
From Jake about FHA loans......
you have to pay MIP on an FHA loan no matter what the % you finance
PMI and MIP are almost the same thing MIP is slightly less a month though same idea any conventional loan higher then 80% you have to pay PMI on to- the only way to avoid PMI or MIP over 80% it to take a subprime loan with a higher rate or split a conventional mortgage in two 80% and 20% second the second will have a 9 to 13% rate if fixed
does that make sense?
Tricia - stick with what you got
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| Posted 3/27/07 4:43 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
this BOA loan sounds great
I don't think we will be able to make the requirments- unless Jake has a really bad year- but then I will have bigger issues then buying a house 
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| Posted 3/27/07 4:48 PM |
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ckone
LIF Adult
Member since 8/06 3014 total posts
Name:
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Re: Less than 20% down, no PMI, no 80/20 mort
Posted by greenfreak
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?
I was just there today and they said that next month they will have a loan with NO Closing Costs!!!!
What was the rate that you got because I've been woriking with WAMU - got a 6% mortgage quote but with PMI.
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| Posted 3/27/07 4:56 PM |
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tray831
Dee-licious!
Member since 3/06 5355 total posts
Name:
His Baby
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Re: Less than 20% down, no PMI, no 80/20 mort
What is LIHP? And do you have to be a teacher to qualify???
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| Posted 3/27/07 4:58 PM |
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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 tray831
What is LIHP? And do you have to be a teacher to qualify???
Long Island Housing Partnership
www.lihp.org
anyone can go to the LIHP - call up to make an appointment, they will tell you what to bring. (tax returns, bank statements, etc) and they will help you find mortgages to fit your needs.
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| Posted 3/27/07 5:09 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 SweetTooth
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!
Hey Lauren...I came across a thread where we mentioned this to you almost two months ago...you still didn't look into it...? Get movin' girl! 
Message edited 3/27/2007 5:43:33 PM.
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| Posted 3/27/07 5:42 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 ckone
I was just there today and they said that next month they will have a loan with NO Closing Costs!!!!
Wait, WHAT? Not the same one we're talking about, right? Omg, could you imagine if this mortgage with no PMI, no required money down, and a high limit on income would also have no closing costs?
Now THAT is too good to be true. If that was the case, we would probably start looking in 3 months, not 6. It has to be a different product. My luck is just not that good.
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| Posted 3/27/07 9:31 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 Beth1210
From Jake about FHA loans......
you have to pay MIP on an FHA loan no matter what the % you finance
PMI and MIP are almost the same thing MIP is slightly less a month though same idea any conventional loan higher then 80% you have to pay PMI on to- the only way to avoid PMI or MIP over 80% it to take a subprime loan with a higher rate or split a conventional mortgage in two 80% and 20% second the second will have a 9 to 13% rate if fixed
does that make sense?
Total sense, thanks! I was curious about the differences between them, and that's what I wanted to know.
Thanks Beth!
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| Posted 3/27/07 9:32 PM |
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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 greenfreak
Posted by ckone
I was just there today and they said that next month they will have a loan with NO Closing Costs!!!!
Wait, WHAT? Not the same one we're talking about, right? Omg, could you imagine if this mortgage with no PMI, no required money down, and a high limit on income would also have no closing costs?
Now THAT is too good to be true. If that was the case, we would probably start looking in 3 months, not 6. It has to be a different product. My luck is just not that good.
im sure you'll still have to pay mortgage recording tax - they probably wont charge you for appraisals and that stuff - you'll still have title and attorney fees (probably no bank attorney fees)
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| Posted 3/28/07 5:43 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
ING has a $700. closing costs Mortgage but it's an ARM with traditional requirements on downpayments and such. I almost fell off my chair when I first read here that 15k was normal for closing costs.
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| Posted 3/28/07 8:58 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 Meaghan729
Posted by greenfreak
Posted by ckone
I was just there today and they said that next month they will have a loan with NO Closing Costs!!!!
Wait, WHAT? Not the same one we're talking about, right? Omg, could you imagine if this mortgage with no PMI, no required money down, and a high limit on income would also have no closing costs?
Now THAT is too good to be true. If that was the case, we would probably start looking in 3 months, not 6. It has to be a different product. My luck is just not that good.
im sure you'll still have to pay mortgage recording tax - they probably wont charge you for appraisals and that stuff - you'll still have title and attorney fees (probably no bank attorney fees)
Exactly...
When we originally called BOA direct they advised us that since we were a BOA customer (have BOA credit cards) that we didn't have to pay the bank fees at closing. Honestly - it's not the bank fees that amt to much - it's the taxes, the oil, the state title fees, etc. That's where the $$$ adds up. There's no way that they could even do that.
Anyway, when we spoke with Pi he told us that they could not honor the "no bank fees at closing" because of the program we used. If they change that and do that next mth - that's great, but don't expect to save thousands of dollars.
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| Posted 3/28/07 9:20 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 lorich
Hey Lauren...I came across a thread where we mentioned this to you almost two months ago...you still didn't look into it...? Get movin' girl!
haha yeah I know... the LIHP stuff really peaked my interest, but we were working really closely with a friend of DH's who is doing everything he can to get a great deal for us. If it doesn't work out we might go to LIHP, but unfortunately when I looked into them DH was working crazy hours and we just didn't have the time to go meet with them.
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| Posted 3/28/07 9:48 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
Posted by lorich
When we originally called BOA direct they advised us that since we were a BOA customer (have BOA credit cards) that we didn't have to pay the bank fees at closing.
We both have BOA checking accounts, I was wondering if that made any difference. I guess the mort is so good, they don't need anything "extra" to entice you.
But hey, every little bit helps, right?
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| Posted 3/28/07 10:00 AM |
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HoneyBadger
YourWorstNightmare.
Member since 10/06 15979 total posts
Name:
BahBahBlackJeep
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Re: Less than 20% down, no PMI, no 80/20 mort
Posted by ckone
I was just there today and they said that next month they will have a loan with NO Closing Costs!!!!
OMG that would have saved us 22K!!!  
Greeny this loan sounds like a terrific deal, I would stick with it!
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| Posted 3/28/07 1:54 PM |
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MrsPornStar
Partners in crime
Member since 10/05 14656 total posts
Name:
Mama
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Re: Less than 20% down, no PMI, no 80/20 mort
Ok, I just read this whole thread and feel like a moron.
I am so utterly confused. In order to get this, do you have to purchase on LI? Is it like a preapproval?
I am sorry if I seem stupid but I am confused and overwhelmed.
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| Posted 3/29/07 12:20 AM |
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