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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Less than 20% down, no PMI, no 80/20 mort
Posted by greenfreak
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.
But didn't you still pay for your attorney? Engineer's report?
Did you still have to put any taxes in escrow with your mortgage lender?
Sometimes these "no" or "low closing cost" loans aren't really that great.
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Posted 3/29/07 8:52 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
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 hmpena
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.
Don't feel stupid Hollie! 
I knew nothing until I met with LIHP. I'm thrilled to be in a position to provide some answers instead of asking questions myself. 
I believe you do need to buy on Long Island, since the mortgage from BOA is only available through the LIHP/BOA partnership.
Once you meet with LIHP and find out if you qualify (salary under 150k, total debt-to-income ratio, etc.) then they contact BOA and tell them they have a client for them.
BOA called and asked some preliminary questions about when we want to start looking, and then he prepared a pre-approval letter for us.
You should know that the maximum amount of the mortgage is $417,000. So if you're looking at houses above that, you have to come up with the difference.
I hope this helps! 
Message edited 3/29/2007 9:28:55 AM.
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| Posted 3/29/07 9:28 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 Kara
Posted by greenfreak
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.
But didn't you still pay for your attorney? Engineer's report?
Did you still have to put any taxes in escrow with your mortgage lender?
Sometimes these "no" or "low closing cost" loans aren't really that great.
I know, they sound great so they can draw you in, and then you have to read the fine print:
One Low Closing Cost!
Pay a low $895 closing cost when you get an Orange Mortgage for up to $500,000 and use our closing agent. As with any loan, you’ll need to pay required taxes, any odd days' interest and any extra title insurance you choose to buy. If you use your own closing agent or have a mortgage over $500,000, you still get a great deal - we’ll take $1,000 off your closing costs.
We have an account with ING so we looked at them first. But although we like them as a company, their products just don't fit our needs.
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| Posted 3/29/07 9:33 AM |
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GreenGirl05
LIF Adolescent
Member since 1/06 834 total posts
Name:
J
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Re: Less than 20% down, no PMI, no 80/20 mort
Hi- I am new to this site. We bid on a condo in Holtsville, it was accepted and now we are searching for the right mortgage. Just wanted to know the cost of LIHP meeting?
Thanks!!
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| Posted 3/31/07 7:53 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 GreenGirl05
Hi- I am new to this site. We bid on a condo in Holtsville, it was accepted and now we are searching for the right mortgage. Just wanted to know the cost of LIHP meeting?
Thanks!!
its free!!! They are a not for profit org.
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| Posted 3/31/07 8:01 AM |
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GreenGirl05
LIF Adolescent
Member since 1/06 834 total posts
Name:
J
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Re: Less than 20% down, no PMI, no 80/20 mort
Thanks for the quick response. The appt. is made!!!
When I called Lynn, I mentioned LIFamilies and she was cracking up.....she said that she should hire Lori for PR....thanks again!!!
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| Posted 3/31/07 8:13 AM |
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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
Another question about LIHP - do they restrict the towns that you can buy in?
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| Posted 4/2/07 9:30 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 VickiC
Another question about LIHP - do they restrict the towns that you can buy in?
Not that I know of (at least they didnt for me) - they dont give you the loan, they just help you to figure out what you can afford and what banks have programs that will meet your needs
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| Posted 4/2/07 10:09 AM |
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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
just wanted to add- we are buying in Patchogue, and there was a grant offered on our property. We get $8K free money to use for DP or closing costs!
Free money!
I love LIHP.
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| Posted 4/2/07 10:24 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 MrsNaunie
just wanted to add- we are buying in Patchogue, and there was a grant offered on our property. We get $8K free money to use for DP or closing costs!
Free money!
I love LIHP.
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| Posted 4/2/07 10:26 AM |
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MsG
Should be working
Member since 5/05 2824 total posts
Name:
G
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Re: Less than 20% down, no PMI, no 80/20 mort
I'm so happy for you guys! But so annoyed for me and DH!
We used Neighborhood Champions in 2005 - and we're paying PMI.  We had to go to LIHP to qualify too. I'm glad i saw this, b/c honestly, I thought we HAD to pay PMI. I wonder if we're getting scr ewed, or if the no PMI is something new.
I called LIHP and they said talk to the bank. The bank said they'll call us back in a few days.
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| Posted 4/2/07 10:45 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
Yay Naunie
Sorry MsG  The BOA mortgage has only been around for a year or so, according to John Pi. It probably wasn't available when you purchased.
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| Posted 4/2/07 11:30 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
Yay Naunie
Sorry MsG The BOA mortgage has only been around for a year or so, according to John Pi. It probably wasn't available when you purchased.
Speaking of Pi...we got a "Thank You" card from him this weekend - he asked that we spread the news and threw in a couple of business cards...I think I've met my quota
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| Posted 4/2/07 11:32 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
Yeah really, you should be getting some kind of kickback from BOA or LIHP.
Besides an article in Newsday, I don't think there could be a better place to find out about them than here.
Especially when there are people who have already been through the process to verify that No--It is NOT too good to be true!
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| Posted 4/2/07 11:58 AM |
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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
Posted by Meaghan729
Posted by VickiC
Another question about LIHP - do they restrict the towns that you can buy in?
Not that I know of (at least they didnt for me) - they dont give you the loan, they just help you to figure out what you can afford and what banks have programs that will meet your needs
Thanks! I knew that LIHP doesn't give the actual loan, I just didn't know if they had certain towns that the programs were offered for.
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| Posted 4/2/07 1:06 PM |
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MsG
Should be working
Member since 5/05 2824 total posts
Name:
G
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Re: Less than 20% down, no PMI, no 80/20 mort
Posted by greenfreak
Yay Naunie
Sorry MsG The BOA mortgage has only been around for a year or so, according to John Pi. It probably wasn't available when you purchased.
John Pi was our guy too!
I just talked to him. Yeah, the awesome program started in January 06, we bought in July 05.
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| Posted 4/2/07 2:14 PM |
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Bellaocchi
Hope Faith Love
Member since 2/07 5694 total posts
Name:
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Re: Less than 20% down, no PMI, no 80/20 mort
What is BOA?
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| Posted 4/2/07 4:46 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
Bank of America.
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| Posted 4/2/07 6:41 PM |
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Bellaocchi
Hope Faith Love
Member since 2/07 5694 total posts
Name:
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Re: Less than 20% down, no PMI, no 80/20 mort
I am totally lost.. is this LIHA legit? We got pre apprved for a mortage loan but the mortgage banker is telling us we have to do a jumbo loan (piggy back)
This is only one person we have gone to but after reading this.. I feel we should give this LIHA a call..
How exactly does this work?
Thanks
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| Posted 4/2/07 11:12 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 VFranchino
I am totally lost.. is this LIHA legit? We got pre apprved for a mortage loan but the mortgage banker is telling us we have to do a jumbo loan (piggy back)
This is only one person we have gone to but after reading this.. I feel we should give this LIHA a call..
How exactly does this work?
Thanks
LIHP is totally legit. a jumbo loan has to do with he loan amount. a piggy back is when you take out a mortgage over 80% of the loan to value. (purchase price).
www.lihp.org.
many of us here did the mortgage conseling service.
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| Posted 4/3/07 5:57 AM |
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Bellaocchi
Hope Faith Love
Member since 2/07 5694 total posts
Name:
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Re: Less than 20% down, no PMI, no 80/20 mort
Posted by Meaghan729
Posted by VFranchino
I am totally lost.. is this LIHA legit? We got pre apprved for a mortage loan but the mortgage banker is telling us we have to do a jumbo loan (piggy back)
This is only one person we have gone to but after reading this.. I feel we should give this LIHA a call..
How exactly does this work?
Thanks
LIHP is totally legit. a jumbo loan has to do with he loan amount. a piggy back is when you take out a mortgage over 80% of the loan to value. (purchase price).
www.lihp.org.
many of us here did the mortgage conseling service.
Thank you I will give them a call!
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| Posted 4/3/07 1:19 PM |
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