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Will some banks let you eliminate PMI as soon as you reach 20%
Posted on 2/23/16 at 12:19 pm
Posted on 2/23/16 at 12:19 pm
Wife and I are looking at buying a new house, but haven't sold the old one yet. We can maybe come up with 10% down on the new home without selling the old one, but as soon as we sell the old one I want to dump all that equity into the new home (more than 20% of the new home value). The bank is saying that we'll have to pay PMI for 24 months minimum, even if we sell the old house before then (which we will). Am I just dealing with the wrong bank? Any way around this?
19
Posted on 2/23/16 at 12:21 pm to gorillacoco
quote:
Any way around this?
Yes, buy a house you can afford.
Posted on 2/23/16 at 12:22 pm to gorillacoco
You are dealing with the wrong lender, most will lift it when you get to 78% owed automatically, 80% owed with a written request
Posted on 2/23/16 at 12:24 pm to gorillacoco
You can borrow up to $50k from your 401K if you have one.
Posted on 2/23/16 at 12:25 pm to bee Rye
quote:
You are dealing with the wrong lender, most will lift it when you get to 78% owed automatically, 80% owed with a written request
Maybe with conventional, but with FHA loans you're going to be paying PMI for the life of the loan or until you refinance with 20% equity.
As far as a way around it, you may have to rent for a small amount of time while you sell your home.
Posted on 2/23/16 at 12:25 pm to gorillacoco
This post was edited on 11/8/20 at 11:46 am
Posted on 2/23/16 at 12:28 pm to lenlews
quote:
You can borrow up to $50k from your 401K if you have one.
Who the hell has that kind of money in their 401K?
Posted on 2/23/16 at 12:28 pm to gorillacoco
depends on the bank too.
my wife and i just closed on a house (30 year conventional) with 10% down and we pay no PMI
my wife and i just closed on a house (30 year conventional) with 10% down and we pay no PMI
Posted on 2/23/16 at 12:28 pm to gorillacoco
Any LTV under 80% does not require PMI.... Sounds like your lender is a Bogue
Posted on 2/23/16 at 12:31 pm to gorillacoco
quote:
Am I just dealing with the wrong bank? Any way around this?
What does your wife do? What do you do? That will answer the question.
Posted on 2/23/16 at 12:33 pm to MusclesofBrussels
quote:
Who the hell has that kind of money in their 401K?
Who in the hell doesn't?
Posted on 2/23/16 at 12:35 pm to gorillacoco
You'd be better off borrowing the other 10% from you and/or your wife's 401k and paying yourself back when you sell your current home.
Posted on 2/23/16 at 12:36 pm to gorillacoco
Will get better responses on money board, but why not take a heloc on your first house to make 20% on other home
Posted on 2/23/16 at 12:37 pm to Martini
quote:quote:
Who the hell has that kind of money in their 401K?
Who in the hell doesn't?
people who don't plan very well?
Posted on 2/23/16 at 12:37 pm to CidCock
quote:it could screw up his DTI big time
Will get better responses on money board, but why not take a heloc on your first house to make 20% on other home
Posted on 2/23/16 at 12:38 pm to Martini
quote:
Who in the hell doesn't?
The vast majority of american workers.
Posted on 2/23/16 at 12:39 pm to gorillacoco
quote:
if we sell the old house before then (which we will)
Oh really? Who is buying it? I need a name
Posted on 2/23/16 at 12:39 pm to gorillacoco
PMI is for poors
Posted on 2/23/16 at 12:40 pm to Displaced
What bank? What type of loan?
Posted on 2/23/16 at 12:41 pm to MusclesofBrussels
quote:
Who the hell has that kind of money in their 401K?
I would think most people that have been contributing to their plan for 5 years or so.
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