Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Mortgage brokers I've been speaking to this weekend told me that noone is getting PMI in NJ. I was hoping to put in an offer on a house and we have 10% to put down, but they're telling me my only option is FHA. But this community isn't FHA approved and I don't think it will be if I try to get it approved, as they've had problems with some residents not keeping current with their payments. We are trying to keep 6 months mortgage payments in reserve, so I don't want to put that cash towards the down payment. We don't have amazing credit scores, but they're not bad, 720 and 760.
Any advice out there (other than to wait until next year when we have 20%.....)
I find this very hard to believe -- shop around a bit.
You're right that most first time buyers don't have much money sitting around. This is a culture of debt.
If it's really true that it is this hard to acquire financing, then you really should wait, because the prices on those places are going to take a hit.
What's the hurry anyway ? Do you have 3 kids in a 1 bedroom apartment or something ?
I find this very hard to believe -- shop around a bit.
You're right that most first time buyers don't have much money sitting around. This is a culture of debt.
If it's really true that it is this hard to acquire financing, then you really should wait, because the prices on those places are going to take a hit.
What's the hurry anyway ? Do you have 3 kids in a 1 bedroom apartment or something ?
Speak for yourself. No debt and no lack of funds for this first time home buyer.
I do understand that. Funny because if people had a bit of control and actually took the time to save they would be in a much better position. I feel sorry for soo many dumb people.
The reason it's so hard to get PMI since most areas have "declining values". PMI does not want to insure any property if the value is declining. I hope this helps...
My broker was able to get me PMI without any worries. If you want his name and number, I can pass them along. I recomend him to anyone, this is the fourth house I have purchased and the easiest mortgage application I have ever gone through.
You're right that most first time buyers don't have much money sitting around. This is a culture of debt.
they need to get that money sitting around for them to use. its funny how this person says "first time home buyers dont have 20% sitting around." well, then dont buy a house. they are just looking for companies to find ways for them to not have to demonstrate financial responsibility and still give them a loan. its ridiculous. like they are all entitled to be able to buy a home no matter what they have saved up (or accrued in debt).
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
)
... I wasn't referring specifically to you, or to myself. I also have considerably more than 20% of what I'm prepared to spend.
