U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New Jersey
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 06-29-2009, 11:56 AM
 
47 posts, read 258,828 times
Reputation: 25

Advertisements

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%.....)
Rate this post positively Reply With Quote Quick reply to this message

 
Old 06-29-2009, 12:17 PM
 
Location: Central New Jersey
1,289 posts, read 5,711,142 times
Reputation: 298
That does not seem to make much sense as I just had a deal that got PMI last month, actually it was required! They had 3% down and the PMI comes to almost $100 a month. The home sold for $225K.

My suggestion would be to try calling a few more banks (primarily the large ones like Bank of America, Wells Fargo, etc.) and see what happens. Maybe it is because of the price range you are in? What is the purchase price you are looking at?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-29-2009, 12:36 PM
 
47 posts, read 258,828 times
Reputation: 25
The house is listed at 279K. We're hoping the big banks might be able to get us the loan we need. Its just disheartening, most first time home buyers don't have 70K sitting around. Especially not in NJ where you have to budget for hundreds of dollars in property tax payments on top of the mortgage.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-29-2009, 12:54 PM
 
Location: NJ
30,054 posts, read 34,309,880 times
Reputation: 22498
Quote:
Originally Posted by househuntinggal View Post
Its just disheartening, most first time home buyers don't have 70K sitting around.
i would venture to say that you arent ready to buy a home then.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-29-2009, 12:56 PM
 
47 posts, read 258,828 times
Reputation: 25
Quote:
Originally Posted by CaptainNJ View Post
i would venture to say that you arent ready to buy a home then.
I see where you're coming from, but I think I am. Thanks for your input.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-29-2009, 01:42 PM
 
Location: Ridgewood NJ
592 posts, read 2,044,323 times
Reputation: 309
agree makes no sense, why cant nj get pmi? you just have to pay extra for it. If the broker insist that, get a new one...

also i did avoid wells fargo like the plague, those *(@#@ are the worst. They pride on themselves for being "higher standard", but in the end just so much more difficult to deal with. Go with a good broker and let them decide where to send the loans, or a personalized local lender.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-29-2009, 02:57 PM
 
1,551 posts, read 4,290,741 times
Reputation: 506
Quote:
Originally Posted by househuntinggal View Post
Any advice out there (other than to wait until next year when we have 20%.....)
No advice other than to check around with some different lenders to really see what your options are. You are very wise to insist on keeping your 6 month emergency fund intact, kudos to you!

If that doesn't solve the problem, however, this thought may cheer you up: by waiting around until next year, you may save yourself 20% to 40% on the price of the home! Not bad when you consider all the money you'll save by just having a little patiance ...

Good luck!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-29-2009, 04:56 PM
 
47 posts, read 258,828 times
Reputation: 25
Quote:
Originally Posted by Lusitan View Post
No advice other than to check around with some different lenders to really see what your options are. You are very wise to insist on keeping your 6 month emergency fund intact, kudos to you!

If that doesn't solve the problem, however, this thought may cheer you up: by waiting around until next year, you may save yourself 20% to 40% on the price of the home! Not bad when you consider all the money you'll save by just having a little patiance ...

Good luck!
Thanks for pointing out a potential bright side....I guess...! B of A said they could probably do it but they have to ask their central mortgage people (not branch level), so no answer yet
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-29-2009, 08:42 PM
 
Location: Long Branch
390 posts, read 1,416,009 times
Reputation: 110
It's a good thing the house doesnt qualify for an FHA loan. If you took the loan you'd have to pay PMI for the entire length of the loan.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-29-2009, 09:14 PM
 
1,928 posts, read 3,114,481 times
Reputation: 922
Quote:
Originally Posted by CaptainNJ View Post
i would venture to say that you arent ready to buy a home then.

Point blank you are not ready to buy a house. Makes no sense for you to rush into a house especially with prices crumbling. Another year prices will be lower and your down payment could be 20%.
Rate this post positively Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New Jersey
View detailed profiles of:

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top