Pmi For A House With 5%

Asked by Raul Garcia, Hialeah Gardens, FL Thu Dec 27, 2012

With Conventional Loan Is Possible

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
Alma Kee, Agent, Tampa, FL
Tue Jan 1, 2013
Freddie Mac is now offering a new mortgage on their REOs with 5% down and no PMI. It only applies if you buy a http://www.HomeSteps.com property.
0 votes
Alma Kee, Agent, Tampa, FL
Fri Dec 28, 2012
Oh and if you're talking about a condo, probably not possible to find a mortgage insurance company to take the risk if you only put 5% down. From my understanding you will need at least 20% or more down to find a lender to give a mortgage on most condos.
0 votes
Alma Kee, Agent, Tampa, FL
Fri Dec 28, 2012
Also if you get a HomePath mortgage on a Fannie Mae owned property, you will pay ZERO pmi and not have to pay for an appraisal, either. You can go as low as 3% down but will get a much better rate with 5% down. HomePath can only be used to buy a Fannie Mae owned (forelcosed) home and many of their homes are freshly painted, new flooring, new appliances, take a look:

http://www.HomePath.com

All the best,
Alma
http://www.SoldOnTampa.com
0 votes
Steven Epste…, Agent, Coral Gables, FL
Thu Dec 27, 2012
PMI is Private Mortgage Insurance and the price varies case by case, with your credit rating and the transaction you're buying and a rule of thumb it's approx 2% of proncipal balance paid monthly in the mtg PITI + MI. Best to get quotes from your lenders of choice and they have to givce you a GFE (Good Faith Estimate) once you're in contract ... or you can ask for an estimate of closing costs for an estimated scenario. Trust this helps, please call me during normal business hours for further help. Thanks, stevecepstein@gmail.com 305-546-5132
0 votes
Aliasghar Ta…, , Miami, FL
Thu Dec 27, 2012
Easiest thing to do is to get pre-approved with a local lender. All In One Mortgage Lenders are great. They answer their calls 24/7 and you'll get to talk to a loan officer. One of the loan officers number is 305 979 9329. They don't charge points at all!!!!
0 votes
This is an unsolicited endorsement of All In One. I work with them all the time. They have truly got to be the best I've ever worked with. They go the extra mile for my clients. I love Orestes!
Flag Fri Dec 28, 2012
Search Advice
Search
Ask our community a question

Email me when…

Learn more