FHA requires 3.5 % down and with that sales price you would be looking at approximately $305 per month for mortgage insurance.
True PMI which is Private Mortgage Insurance is what you will pay with Conventional financing and it depends on Loan to Value (LTV), loan amount, credit score, county, property type, term and amortization (fixed or ARM).
@Kawain, If your lender friend is giving those numbers then you may want to consider consulting with some more experienced loan officers because those numbers are way off to say the least. Feel free to contact me if you would like some up to date information on loan programs/rates.
According to a lender friend of mine using the nice round figure of $350,000, assuming you have a FHA loan, 6.25% interest rate and 3% down
Your monthly PMI would be approx $144.00
I hope this information is helpful.
Best Of luck to you,
Kawain Payne, Realtor
I live and work in Corona area.I will be happy to help you.
Please give me a call at (909)731-7124 or simply email me email@example.com.
I need more info from you( 20% down payment?,FHA?)
Also I could arrange a meeting with a lender for you at my office or over the phone.
I will be more then happy to help you out, but I just need a bit more info. Will it be FHA?do you have 20% down? if not, How much down? also are you preapproved?
Please feel free to email me and I will get right back to you with your answer.
Keller Williams Realty