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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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If you put down 5% in todays market----
Do you still have to pay PMI?
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Posted 2/17/08 7:05 PM  |
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Prudential Douglas Elliman Real Estate
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miracline
LIF Adolescent
Member since 10/07 575 total posts
Name:
kayanna
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Re: If you put down 5% in todays market----
Posted by sometimesmommy
Do you still have to pay PMI?
it all depends on the bank.. I closed on my house last april and I put 5% down and I have no PMI
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| Posted 2/17/08 7:12 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: If you put down 5% in todays market----
if the appraisal comes in high enough you won't. You have to have 20% equity in the house.
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| Posted 2/17/08 7:29 PM |
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danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Re: If you put down 5% in todays market----
You could do a mortgage and a home equity loan, that is what we did.
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| Posted 2/17/08 10:20 PM |
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DUCKS2001
Then there was 2
Member since 3/06 5696 total posts
Name:
Christine
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Re: If you put down 5% in todays market----
it depends on a few things.. nowadays the banks allow it BUT then you have to get an apprasail on the house. and if the apprasial comes back that the house is in a "distressed" area they will not allow you to put 5% down at that point you will have to put 10% down.
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| Posted 2/17/08 10:38 PM |
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DUCKS2001
Then there was 2
Member since 3/06 5696 total posts
Name:
Christine
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Re: If you put down 5% in todays market----
oh if you put 10 % down you dont need an appraisal done and the banks dont care if it is in a "distressed" area or not. go figure
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| Posted 2/17/08 10:39 PM |
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igottabeme
Its peanut butter jelly time!
Member since 1/08 2340 total posts
Name:
Wouldnt you like to know! ;)
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Re: If you put down 5% in todays market----
Posted by DUCKS2001
oh if you put 10 % down you dont need an appraisal done and the banks dont care if it is in a "distressed" area or not. go figure
i hate to say it, but thats not true. i've had buyers put 30% down and banks still demand they have appraisals. you may be able to get away with a drive by appraisal, but those are very rare these days. its in your best interest as a buyer to have an appraisal. why WOULDNT you want to have it done??? thats a huge risk for a bank to loan you hundreds of thousands of dollars only to find the house isnt worth what they loaned to you.
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| Posted 2/18/08 10:56 AM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: If you put down 5% in todays market----
Yes, unless you do a home equity/mortgage combo (80/15), you will have to pay PMI.
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| Posted 2/18/08 1:40 PM |
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DUCKS2001
Then there was 2
Member since 3/06 5696 total posts
Name:
Christine
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Re: If you put down 5% in todays market----
Posted by igottabeme
Posted by DUCKS2001
oh if you put 10 % down you dont need an appraisal done and the banks dont care if it is in a "distressed" area or not. go figure
i hate to say it, but thats not true. i've had buyers put 30% down and banks still demand they have appraisals. you may be able to get away with a drive by appraisal, but those are very rare these days. its in your best interest as a buyer to have an appraisal. why WOULDNT you want to have it done??? thats a huge risk for a bank to loan you hundreds of thousands of dollars only to find the house isnt worth what they loaned to you.
yes I agree on getting an appraisal with every home bought.. what I am saying is the this: the bank may not give you a mortage IF the apprasial comes back and the house is said to be in a "distressed " area. Trust me I have spoken to 3 people in 2 differnt banks about this and my freind works in one and does mortages..
this "distressed area" thing is new and has only come about more within the past few months.
I would def. recommend getting an apprasial if put 5% down or 50% down it is good to have one.
Message edited 2/18/2008 3:37:33 PM.
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| Posted 2/18/08 3:36 PM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: If you put down 5% in todays market----
what a distressed are  so much to tell MIL.
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| Posted 2/18/08 3:42 PM |
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