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Old 05-30-2017, 04:53 PM
 
524 posts, read 360,568 times
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Thank you all for your input.
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Old 05-31-2017, 12:40 PM
 
Location: Oak Brook, IL
29 posts, read 26,769 times
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You could also look at Lender Paid Mortgage Insurance (LPMI). The lender would pay the premium up front. Depending on your credit score, you may like that option instead. The interest rate will be higher, but it would be good to get a side-by-side comparison to determine which is best over time. Also, there is a Split MI, where the lender pays a portion of the MI up front (similar to LPMI) and you pay the remaining along with your mortgage payment. The monthly is lower on that one.
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Old 05-31-2017, 12:42 PM
 
68 posts, read 62,220 times
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We were told this week we qualify for a conventional loan at 3% down. It used to require 20% down

I don't know if we qualify for any grants that would pay for the 3% but we have it nonetheless so not worried.
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Old 05-31-2017, 01:39 PM
 
Location: BNA
586 posts, read 551,736 times
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Quote:
Originally Posted by gamebird98 View Post
We are looking at $250,000-$300,000 homes. Would prefer to put down 10% rather than 20%...just wondered how "concrete" the 20% was I kept seeing.
And keep in mind that many, many, many people look at PMI as being money wasted by the buyer.
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Old 05-31-2017, 07:35 PM
 
Location: Saint John, IN
11,583 posts, read 6,702,884 times
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Quote:
Originally Posted by gamebird98 View Post
We are looking at $250,000-$300,000 homes. Would prefer to put down 10% rather than 20%...just wondered how "concrete" the 20% was I kept seeing.



Depends on many different factors! If you have good credit (above 760) you could probably get a conventional loan with 3, 5 or 10% down. For FHA it's 3.5%. Also depends on your income and debt ratio. Find a loan officer and see what you qualify for and ask them how much would be required down. Many programs out there that do not require 20% down!


Some lenders also offer "Lender paid mortgage insurance or LPMI" for under 20% down; however, this is for the life of the loan. You usually will pay a quarter percent higher as well.
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