The 90% no PMI loans are done at a higher interest rate, so usually not advisable. Depending on purchase price, the other way to go is with the single premium PMI. Even though you are paying it, it is not added to your monthly mortgage payment, so you can make your money back within a few years, and keep your monthly payment down. I have done this for clients in a combination of ways, paying up-front, paying part of it, and then getting a credit towards closing costs for some of the amount, or there are a few lenders that will allow for financed single payment PMI.
It doesn't matter if you have your own mortgage company, or work for someone. It is the size of the company, and who you have relationships with that counts. With the smaller independent companies these days, they are getting dropped by so many lenders, or lenders are cutting their wholesale channels, that being a big company is important. True, as a loan officer for a larger company, you are under closer scrutiny by the banking departments, so it is more difficult to skirt the law, but it is still a better option.
if the purpose of approaching 80-10-10 is to eleminate PMI, you can accomplish that with local banks we have in the area such as Union Savings Bank. They have a program there with 10.1% down to eleminate PMI..Feel free to call Dana Voelzke:203-733-9408 or Sharon Mendelsohn: 203-240-6423 to find out more about this program..
Union Savings Bank and Savings Bank of Danbury also have a loan structured as 80-20 .You can contact Dana and Sharon from USB and Michelle Grull from SBD:203-770-7399 for this program..
Please call or email Todd Ryder from Connecticut Home Mortgage for any mortgage program with PMI or downpayment related information..He'll be more than happy to help you. Todd Ryder: 203 767 3349 Email: email@example.com
Dee Ceylan, Realtor
I would stick with some local banks here in the Greater Danbury area. I believe Union Savings Bank has a program with 10.1% down no PMI will be required, contact Dana Voelzke at 203-733-9408, tell her Nancy Greger with Coldwell Banker recommend her.
Good thing you are getting pre-approved first, it's the smart thing to do before you start shopping.
All the best,
William Raveis has it's own mortgage company & excellent loan officers.
Please give Tom Randolf a call at 203-966-3555
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I would suggest to contact the local banks such as Savings Bank of Danbury, Union Savings, or Wells Fargo to get more information on the different loan options. Please feel free to contact me in person via my cell phone or email if Ican assist you further more.
If you receive any gifts that make up part of your downpayment, the lender will want to document where it came from. You typically have to explain any deposits into your accounts, other than regular paychecks, that are over $1000 in the last 60 days.