People in hell have been "looking for" ice water for ages. And I think that's what you may be looking for here. Instead of looking for a lender that's going to make promises which can't be kept, you should be looking for realistic terms from a reputable lender who will get the job done for you. If you chase fairy tale terms on the internet like you're doing here, then you'll likely get burned. Not what you want to be doing when it comes to something so important as buying a house.Reality check here. Sorry if this email comes off as tough love.Loans with less than 20% down carry more risk of default - and you may have noticed this country is in a housing crisis. And PMI indemnifies the lender against default. So for that setup, PMI is a necessary evil unless you're either a veteran using a VA loan, or if you are going with what's called LPMI (lender paid PMI) which has a higher interest rate than a loan with PMI. So unless you've served in the military, plan on paying PMI or a PMI alternative rate. Also, PMI was made tax deductible on all new loans originated after December 2007. If you make less than $100K you should be able to fully deduct it come tax time. In summary, you likely cannot hide from PMI and it isn't a bad thing.Also, 3.8% down without using an ARM product or paying points likely isn't going to happen either. Don't go chasing advertised terms from nameless, faceless internet lenders. Work with a reputable local lender.The primary reason why your real estate agent dreads allowing financing through companies like Quicken Loans is that they fumble the ball constantly and there is no recourse - unless you want to drive all the way to Ohio to take it up with them. Even Brian is in Maryland. And while I'm sure he's a stud lender, do you feel comfortable working with someone so far away? I'm not volunteering BTW, but it looks like you need some coaching and to work with a local lender. My office is in Waltham. OK, maybe I am volunteering. Give me a shout if you want some help. 781-258-1293.And good luck if not.ScottNov 27th 2011
Unless you are a veteran, eligible for a VA financing, there is no such thing as a no MI mortgage with less than 20 percent down. Those who sell you No MI loans above 80% LTV are actually selling you a loan that has lender paid MI. How does the lender pay for the MI? By charging you a higher than par rate. So you pay more interest to avoid paying MI. The best thing for you to do is to sit down with a local Mortgage Banker/Broker and work throught he options to see which is going to get you the best answer to your situation. As for the rate you are looking for...Only an ARM will get you a rate that low with lender paid MI.Nov 27th 2011
Your only options are USDA ( if home is in a USDA defined area), VA loan, or HomePath if your looking to not pay PMI/MIP... if you go HomePath, you wont be close to 3.8%... You should get with a local mortgage broker, not a bank, and apply with them.. they have a vast network of lenders they deal with. they will be able to match your scenario to the right lender... WilliamAcres.comNov 28th 2011
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