Many statistics recently show that renting may cost more than buying. Working with a good agent will help you decide whether is is better for you to rent or buy. If you decide to buy, an experience mortgage lender can help you get prequalified and tell you how much you can afford.... more
That actually doesn't sound right at all. In fact, I've heard of the reverse. If you are going conventional and NOT paying 20% down, and have a credit score lower than 640, i've heard it's very hard to get PMI unless you put down 20%!!
There is only one other option that I can think of that may be requiring PMI even though you are putting 20% down and that is that the appraisal came in under the sales price already agreed to. In this, case; I would not allow my clients to pay over the appraised price unless they are 100% sure they don't want ANY OTHER House and the seller won't budge.
If you need to consult w/ a lender for free; I've got just the guy that you should talk to. Your agent should be all over this as well.... more