Tara, Home Buyer in Middlesex, NJ

Regarding Townhomes - what is the amount you must put down for a conventional loan to avoid PMI and fees

Asked by Tara, Middlesex, NJ Mon Apr 14, 2008

What must you put down for towhomes now...is it 10% for towhomes, or just what it would be for a normal home; 20-25%?

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Diane Glander, Agent, Spring Lake, NJ
Tue Apr 15, 2008
If you can go FHA, you can put as little as 3% down.
Web Reference:  http://www.dianeglander.com
0 votes
Marc Paolella, Agent, Succasunna, NJ
Mon Apr 14, 2008
Yes, and the higher interest rate is basically PMI "self-insurance". So you are still paying PMI, it's just being hidden.
Web Reference:  http://www.marcpaolella.com
0 votes
Randi Tirado…, Agent, North Brunswick, NJ
Mon Apr 14, 2008
Tara - Some lenders will actually wave PMI for less than 20% down, but it usually is a trade off for a higher interest rate. Best thing to do is to talk to a couple of mortgage lenders. With the rapid rate that mortgages are changing, anything is possible. If you don't have anyone, try Dave at National One Mortgage - 1-800-892-0946 or dave@natonemortgage.com.
0 votes
John Sacktig, Agent, New Jersey, NJ
Mon Apr 14, 2008
20% is the number - you should check with a few mortage banks and find out what they offer, but typically 20%
0 votes
Marc Paolella, Agent, Succasunna, NJ
Mon Apr 14, 2008
20% with most lenders, but 25% for some. And that goes for all housing types, single family detached, condominiums, townhomes, whatever.

The housing type is not important. The bottom line is if you do not have 20% to put down, you are going to pay PMI in the present environment.

-Marc
Web Reference:  http://www.marcpaolella.com
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