Home Buying in Downey>Question Details

Carla, Home Buyer in Corona, CA

How much money it would be for $333,200 for the PMI?

Asked by Carla, Corona, CA Tue Dec 13, 2011

I would like to know how much I would pay for a property $333,200 for PMI

Help the community by answering this question:


With conventional loans with as little as 5% down you can also buy out mortgage insurance TOTALLY with an up front fee. You may be able to get this paid with a seller credit or help from a lender credit and have no MI at all!
0 votes Thank Flag Link Sat Feb 18, 2012
Carla, it depends on what type of financing you are seeking and how much of a down payment.

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.
0 votes Thank Flag Link Sat Feb 18, 2012

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
0 votes Thank Flag Link Sat Feb 18, 2012
question cannot be answered without more info. At the very least, you need to state what your downpayment is. If you put enough money down (generally 20%) you can avoid PMI altogether.
0 votes Thank Flag Link Wed Dec 14, 2011
Hi Carla,
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 ludy@tarbell.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.

Ludy Ivonina.
Tarbell, Realtors
Eastvale-Corona office.
0 votes Thank Flag Link Wed Dec 14, 2011
PMI costs depend on your down payment, credit and the provider. Your lender should break it all down for you. As a lender I've used the provider sites to determine the cost.
0 votes Thank Flag Link Tue Dec 13, 2011
Hi Carla,
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.
DJ Bonner
Keller Williams Realty
0 votes Thank Flag Link Tue Dec 13, 2011
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