Daphne, Home Buyer in Denton, TX

Who should buy PMI in 2009?

Asked by Daphne, Denton, TX Fri Mar 6, 2009

Hi, My Husband and I considering buying a house. We plan on putting down more than 20% of house price.
However, the lender told us that we still need to buy PMI since my husband's credit score is around 620. Is that ture in 2009? The regulation has changed or what?

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Josh M. Boggs, Agent, San Antonio, TX
Mon Mar 9, 2009

That actually doesn't sound right at all. In fact, I've heard of the reverse. If you are going conventional and NOT paying 20% down, and have a credit score lower than 640, i've heard it's very hard to get PMI unless you put down 20%!!

There is only one other option that I can think of that may be requiring PMI even though you are putting 20% down and that is that the appraisal came in under the sales price already agreed to. In this, case; I would not allow my clients to pay over the appraised price unless they are 100% sure they don't want ANY OTHER House and the seller won't budge.

If you need to consult w/ a lender for free; I've got just the guy that you should talk to. Your agent should be all over this as well.
Web Reference:  http://www.eXposedHomes.com
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Bruce Lynn, Agent, Coppell, TX
Fri Mar 6, 2009

That doesn't sound right to me.
I can recommend another lender if you need it.
If you've not started looking at homes yet, you can search the entire MLS on my website at http://www.teamlynn.com

Bruce Lynn
Prudential Texas Properties
Web Reference:  http://www.teamlynn.com
0 votes
Fred Glick, Agent, Mountain View, CA
Fri Mar 6, 2009
I think the lender was pushing FHA on you instead of a conventional loan.

Recheck with them and also get other mortgage broker opinions!
Web Reference:  http://fredglick.com
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