Home Buying in 93551>Question Details

Jonelle Vela…, Home Buyer in Northridge, CA

Don't want FHA loan, have almost 5% down. Is there programs with little PMI or none at all?

Asked by Jonelle Velazquez, Northridge, CA Mon Feb 24, 2014

We are 1st time buyers looking in Antelope Valley.
Have a piece of land free and clear worth about 10-15k.
Don't want FHA as it costs to much monthly & life of loan w/MIP or PMI
Credit is 736 no derogatory info or lates.
Debt is 1,000
Fiance works a stable work income for past 8 yrs is $55-60k not including promotion in a few months could be 72k. I don't have stable income so we don't do mine as I was advised.
We heard about 80/10/10 but don't have 10% we are only close to having 5%. Is there 80/15/5 with a piggy back 2nd loan? Or way to finance in this market with out full 10-20% and very low PMI or none?

I will be calling all different lenders to find best rates and their requirements as we could save more money than going with a mortgage broker.

We are seeing prices in AV rising which is scary because they could fall again don't want to rent anymore.

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Answers

13
There are 5% down programs with no Mortgage Insurance.
0 votes Thank Flag Link Thu Mar 20, 2014
Thanks for all the great answers. I found it useful and may get in contact
0 votes Thank Flag Link Fri Feb 28, 2014
5% down conventional now available!
Plus, the funds can even be a gift in some cases!
Don't wait, call ASAP to find out if you quality.
0 votes Thank Flag Link Fri Feb 28, 2014
If you don't want to go down the FHA road (which I don't blame you) I have a Conventional Grant Program of 5% from the State of CA that does NOT need to paid back unlike others out there. If you're short on cash, you can use my Grant for your down payment and use your funds to cover the closing costs. Or you can get the seller to pay up to 3% for closing costs and use your funds to either buyout your PMI with a Single-Pay Premium or do Split-Premium and have a lower monthly PMI. If you would like to explore this option, please feel free to contact me direct as I don't follow each question I answer. For further information, please click on the link below.

Best of Luck!

http://www.trulia.com/blog/george_raymondo/2011/08/californi…
Web Reference: http://www.AFN-Loans.com
1 vote Thank Flag Link Wed Feb 26, 2014
Jonelle,

You may be able to take advantage of a CRA loan (Community Reinvestment Act). If eligible, this program would have no PMI and would go to 95%. I am not certain if you plan to build, but if you're looking for an "end" loan without a construction element, this may be the best option.

A couple of quick questions will allow me to tell you if you're eligible and if you have any interest in finding out more, just get in touch.

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes Thank Flag Link Wed Feb 26, 2014
Hi Jonelle,

I would recommend looking into a LPMI option. This will allow you to put a minimum of 5% down and not be required to pay any mortgage insurance. There are also options if you are looking to purchase a home that qualifies for Fannie Mae HomePath Financing. This too will only require 5% down and will not carry MI. With these properties, you must find the home listed on the HomePath website for this financing to be available.

Feel free to reach out if you have any further questions.

Best,

Bryan Mecsey
AmeriFirst Financial Inc.
Mortgage Consultant
bmecsey@amerifirst.us
(510)725-2665
NMLS: 861229
0 votes Thank Flag Link Tue Feb 25, 2014
Hi Jonelle,
I would love to recommend you to one of my top lenders who can assist with all your lender needs. Please check out my profile for contact information. Have a great day.
0 votes Thank Flag Link Tue Feb 25, 2014
Hi Jonelle,

There are several lender paid mortgage insurance programs. With lender paid mortgage insurance, the cost of the mortgage insurance is built into the price of the loan.

Feel free to give me a call or send me an email.

Best regards,

Elva A. Wormley
Mortgage Consultant
Office (408) 615-8500
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
NMLS #331981 / BRE #01274093
0 votes Thank Flag Link Tue Feb 25, 2014
My answer, below, regarding our 95% program with no MI got cut off...(so here it is again in its integrality)

DESCRIPTION

Pre-Payment Penalty – None
Term – Fixed-Rate – 15, 20, 25 or 30 years
Transactions – Purchase, and Refinance

ELIGIBILITY

Income Limits – Borrowers are eligible for the program if their combined income does not exceed 120% of the Median Income for their California County (74K in LA County)

Occupancy – Primary, Owner Occupied
Mortgage Insurance – NO MORTGAGE INSURANCE
Reserves – Not required
Appraisal – A full appraisal is required

PROPERTY ELIGIBILITY

Type - SFRs, PUDs, and Condominiums only
Property location - California, Oregon, or Washington
Down payment – A minimum of 3% of the down payment must be from the borrower’s own funds.
Gifts – If gift funds are used, borrower to pay a minimum of 3% of purchase price from own funds (unless LTV/TLTV is 80% or less). Remainder of down payment and closing costs may be from a gift. Gifts or grants from public agencies or employers are allowed provided no repayment or lien on the property is required.
Credit – Minimum 2-year credit history required with minimum 3 ratings/tradelines with activity during the previous 2 years and at least 1 account currently active.

Debt Ratios – The housing expense ratio must
0 votes Thank Flag Link Tue Feb 25, 2014
Yes. 5% Down NO PMI.
We are a dedicated lending team to help you with your purchase. Our website http://www.PurchaseApplication.com allows you to get pre-qualified for a home purchase with No SSN or Credit Check! This allows you to instantly start the process safely and securely and find out what your financing options are with no risk. We provide a detailed road map to home ownership so you know where you are and what you need to do to secure financing.

We offer VA, USDA and low credit score options with FHA down to 580. FHA only requires 3.5% down and is an excellent loan for first time home buyers. If credit repair is required we have rapid rescore options that can improve your credit scores in as little as 48-72hrs. The path to home ownership does not have to be difficult if your work with the right lender. We lend through a national bank and close purchase loans in ALL 50 States with no restrictions.

We also have hundreds of Realtors in our network as we sponsor the Real Estate Agent Investment Project. This means not only can we offer you financing but at the same time we can introduce the right professional Realtor to help you with your purchase. Our purchase department typically closes loans in 10-15 business days so home ownership may only be a few weeks away.

We have agents standing by to speak with you today. Call 1-877 -455-4677ext 6058

We are here to help every step of the way.

Please choose “BEST ANSWER” if you found our information helpful!

Chris Hazlewood
National Director
Senior Banker
chris@purchaseapplication.com
0 votes Thank Flag Link Tue Feb 25, 2014
The best program I know of is a 90% LTV with no PMI. Email me if you need anything further.

Alex Greer
Loan Officer
NMLS #1056079

http://www.TheMortgageOutlet.com
408-352-5147
AGreer@TheMortgageOutlet.com
0 votes Thank Flag Link Tue Feb 25, 2014
There is a program available.

DESCRIPTION

Pre-Payment Penalty – None
Term – Fixed-Rate – 15, 20, 25 or 30 years
Transactions – Purchase, and Refinance

ELIGIBILITY

Income Limits – Borrowers are eligible for the program if their combined income does not exceed 120% of the Median Income for their California County (74K in LA County)

Occupancy – Primary, Owner Occupied

Mortgage Insurance – NO MORTGAGE INSURANCE

Reserves – Not required

Appraisal – A full appraisal is required


PROPERTY ELIGIBILITY

Type - SFRs, PUDs, and Condominiums only

Property location - California, Oregon, or Washington

Down payment – A minimum of 3% of the down payment must be from the borrower’s own funds.

Gifts – If gift funds are used, borrower to pay a minimum of 3% of purchase price from own funds (unless LTV/TLTV is 80% or less). Remainder of down payment and closing costs may be from a gift. Gifts or grants from public agencies or employers are allowed provided no repayment or lien on the property is required.

Credit – Minimum 2-year credit history required with minimum 3 ratings/tradelines with activity during the previous 2 years and at least 1 account currently active.

Debt Ratios – The housing expense ratio must
0 votes Thank Flag Link Tue Feb 25, 2014
To my knowledge, you need to put 20% down to avoid PMI.

Good luck.
0 votes Thank Flag Link Tue Feb 25, 2014
Wow. Cindy you are missing out on a huge benefit to your clients. We offer down to 5% on Conv financing with NO PMI. Give me a call if you want to discuss. The 20% down rule outdated.
Flag Tue Feb 25, 2014
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