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I'm already on a conventional; I was able to get 3% because of my excellent credit and good income. I only have PMI because I didn't want to put the full 20% do
by DarronWyke 9y ago
I'm already on a conventional; I was able to get 3% because of my excellent credit and good income. I only have PMI because I didn't want to put the full 20% down. The amount saved for each monthly payment + PMI wouldn't be worth the pain associated with virtually dumping out my nest egg hitting 20%.
- toomuchtodo 9y agoAhh! Excellent news! I don't have time to be fully up to speed on mortgage guidelines, so whenever I see a down payment under 10% I assume its FHA. Congrats on the new home!
- DarronWyke 9y agoThank you. Our lending officer and real estate agent are awesome folks, so if you're ever looking for real estate in the DFW area, let me know. We were complete novices coming in and left understanding enough to practically sell homes ourselves. Plus the previous homeowner was a great guy and worked with us a lot, so we really got lucky with this one.
- panopticon 9y ago> whenever I see a down payment under 10% I assume its FHA It's increasing common to see non-FHA loans in the 3% ballpark (among anecdotal evidence from my friends and coworkers who've recently purchased). My gut keeps telling me something is wrong, but no other indicators seem to agree.
- buerkle 9y agoYears ago I was able to get a 85/15/5. 85% first mortgage, 15% second mortgage and 5% down. The 2nd mortgage worked out to about the same as the cost of PMI but with the advantage I could deduct the interest on my taxes so overall it ended up cheaper. Not sure if that's an option now.
- ryanwaggoner 9y agoNot sure you saved anything since they charged you 105% of the sale price ;)
- buerkle 9y agoWhoops, I meant 80/15/5 :)