Calculation of PMI (loan officer, premium, approved, mortgage calculator)

[Thehouse]

I want to know how do you calculate PMI or Monthly Mortgage Insurance for a loan of 245000 using a SONYMA loan. This would be 3% down. I am more interested in the monthly than the upfront.

96.01%‐97%*LTV: .71%*‐*.81%*

[Restrain]

PMI is is added as a percentage. Current rates are right at 4%. Assume 4.75%. Go to mortgagecalculator.org and it will do the work

[Pfhtex]

Not many banks or Conventional PMI companies are doing FLEX-97s any more, so your 3% down payment will be 3.5% on a FHA mortgage. FHA monthly MIP is 135 bps, or .00135 of the loan amount, and it is permanent.

For Conventional PMI scenarios, use the calculator here: www.radian.biz

[Modification Specialist]

.

OP is inquiring on a SONYMA loan - created by the state of New York, is different than conventional or FHA mortgages. SONYMA offers a construction incentive program that finances both the purchase and renovation of a home in need of improvements or repairs up to 97% LTV. There are only a limited amount of Lenders that can provide SONYMA financing.

• Coventional Mortgages has principle mortgage insurance (PMI) An easy to understand difference is the mortgage is being serviced by a Lender for a Fanny, Freddy, or Private investors. See PMI Calculator

• FHA Mortgages have mortgage insurance premiums (MIP) A mortgage is being serviced by a Lender as the FHA being the investor. See FHA Mortgage Calculator

• SONYMA has a mortgage insurance fund (MIF). Tax-exempt bonds provide for SONYMA financing. See SONYMA Mortgage Calculator

Message to the OP -trying to contact others, especialy people outside New York. Will mostly result trying to sell you a FHA or Conventional Mortgage. If you need help - I am no longer a loan officer, but can reccomend a person who specializes in SONYMA loans. Send me a PM

[Thehouse]

Originally Posted by Modification Specialist

.

OP is inquiring on a SONYMA loan - created by the state of New York, is different than conventional or FHA mortgages. SONYMA offers a construction incentive program that finances both the purchase and renovation of a home in need of improvements or repairs up to 97% LTV. There are only a limited amount of Lenders that can provide SONYMA financing.

• Coventional Mortgages has principle mortgage insurance (PMI) An easy to understand difference is the mortgage is being serviced by a Lender for a Fanny, Freddy, or Private investors. See PMI Calculator

• FHA Mortgages have mortgage insurance premiums (MIP) A mortgage is being serviced by a Lender as the FHA being the investor. See FHA Mortgage Calculator

• SONYMA has a mortgage insurance fund (MIF). Tax-exempt bonds provide for SONYMA financing. See SONYMA Mortgage Calculator

Message to the OP -trying to contact others, especialy people outside New York. Will mostly result trying to sell you a FHA or Conventional Mortgage. If you need help - I am no longer a loan officer, but can reccomend a person who specializes in SONYMA loans. Send me a PM

Thank you for the great info.

I did find a place that does somyma here in New York. I have already contacted them.

I was inquiring because I am looking into things myself.

[Modification Specialist]

Originally Posted by Thehouse

Thank you for the great info.

I did find a place that does somyma here in New York. I have already contacted them.

I was inquiring because I am looking into things myself.

I caution you thinking about doing things yourself -

The SONYMA Mortgage is designed to provide streamlined mortgage financing to homebuyers for the purchase and repair of homes requiring no more than $25,000 in improvements. The terms and condition of the loan is "Spelled-Out" on the New York State Website - here (Link)

"Applicants cannot act as their own contractor unless home construction contracting is their full time occupation and they are appropriately licensed and insured. SONYMA will not permit borrowers to be compensated for "sweat equity" in the transaction" Spelled out on the SONYMA underwritting conditions page 13. (PDF)

I haven't originated a SONYMA loan in 8-9 years, I remember when the loan application is submitted for underwritting approval. A contractor's repair quote, licence and insurrance certificate has to be submitted for the loan to be approved. At preclosing the Appraisal is looked at, reviewing that the "cost to cure" is no more than the contractor repair quotation.

Another caution - recently read a blog post of a contractor that only did half the job, he wanted additional money "under the table" to complete all the repairs.


** Today found what you were looking for about the mortgage insurance fund of SONYMA MIF - Here (PDF)


Good Luck