Home Buying in West Hills>Question Details

Sir D, Home Buyer in West Hills, CA

For an 85% ltv conventional loan, am I required to impound mortgage insurance and property tax?

Asked by Sir D, West Hills, CA Fri May 8, 2009

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3
Yuri Katz’s answer
It is common for lenders to consider any loan of more than 80% a higher risk that requires mortgage insurance. However the price of MI varies between the lenders and their programs. Look into different loan scenarios such as 80% 1st + 5% 2nd loan vs. 85% one loan, etc.

You might get away with tax impounds, although it is a good idea to put aside monthly installments for your property taxes anyway.
0 votes Thank Flag Link Thu Feb 9, 2012
Just mortgage insurance for that scenario...

Good luck.
0 votes Thank Flag Link Fri May 8, 2009
Depends on the lender. If you need a loan contact Eli Weinberger at Bank of America. He has the best pricing out there. If you have any real estate questions, let me know. I have a strong track record of helping client buy foreclosed properties and I have access to great service providers like Eli who can help seal the deal.


Richard Schulman
REALTOR
#1 Selling Agent Keller Williams Westside
310-482-0173
schulmanrd@yahoo.com
0 votes Thank Flag Link Fri May 8, 2009
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