Home Buying in 61701>Question Details

carebearh4, Home Buyer in Bloomington, IL

Can Grant money go towards your PMI when buying a house??

Asked by carebearh4, Bloomington, IL Mon Feb 18, 2013

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3
Grant money is great for first time buyers. The short answer is yes! New FHA requirements require PMI for the life of the loan. There are better programs out there if you have the right credit scores. Fannie Mae my community conventional loans might be a better choice.
0 votes Thank Flag Link Fri Apr 19, 2013
Thank you very much for the information!!
0 votes Thank Flag Link Wed Feb 20, 2013
You are welcome! Please give me a call at 309-261-1010 if I can be of further help!
Flag Thu Feb 21, 2013
I just checked with Gary Richardson at Soy Capital Bank and he said yes! Grant money can be used for downpayment and closing costs. He is a great source for new buyers and would be happy to answer your question in more detail (217-475-2766). Please contact me at karenwilliamsatkw@gmail.com if I can help you with any of your real estate needs. Best of luck, Karen
0 votes Thank Flag Link Wed Feb 20, 2013
I also talked to Carol Fritz from Wintrust Mortgage. Carol said a seller's contribution can be used to cover PMI too. Carol also is a great resource for loan and grant information. Her number is 217-519-5626.
Flag Wed Feb 20, 2013
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