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re: What's the deal with PMI these days when purchasing a new home?
Posted on 3/26/10 at 9:13 am to lsugradman
Posted on 3/26/10 at 9:13 am to lsugradman
The issue I'm having is not only paying monthly PMI around $112,which I can live with. The bank is saying they don't offer PMI any longer. They do however go through FHA, which requires 1.75% of the home purchase to be tacked on to your loan amount as an upfront premium. In my case, that a substancial amount I wasn't planning on. I'm calling around this morning to see if this is the case with all banks or just mine; as luck would have it. Thanks for the insight, I can wait until I have 20% to put down, but rates may be up to 7 -8 % by then.
1
Posted on 3/26/10 at 9:20 am to AcadianDisciple
I think your bank is telling you that you have to get an FHA loan. FHA doesnt have PMI it has MMI which is generally a 1.5% premium and you have a yearly .05% amount until it falls off.
So if you have a 100k loan you will pay 1500 when you close and 41 a month for MMI.
If you get PMI its higher than MMI so that amount you paid upfront doesnt mean much.
On a 100000 values home and you take out say 95000 putting 5k down your PMI would be about $75 a month instead of 41 through MMI.
So if you have a 100k loan you will pay 1500 when you close and 41 a month for MMI.
If you get PMI its higher than MMI so that amount you paid upfront doesnt mean much.
On a 100000 values home and you take out say 95000 putting 5k down your PMI would be about $75 a month instead of 41 through MMI.
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