Is it still possible to get a loan on their backs to buy a house?

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We recently moved back to MN. We fought to sell our house, so we rented for the price of our mortgage. I linked all of our actions in this house, but more than $ 50K. We want to get back here in Mn, but with a new baby is not able to more quickly than we would like to save, I was wondering if anyone knows if its even possible and common for these loans, 80 / 15 / 5 on there in front of him? I hate the idea of ​​PMI PMI … I do not like the cause of his payment and does not enjoy the house at all … Also, if I sell in IL, I would be able to use the equity in this place, but then I have to go through the process of obtaining the house valued at PMI andstuff far …

  1. Reply
    May 4, 2011 at 12:29 am

    Not anymore. Why do you hate mortgage insurance?
    You do know that it’s tax deductible now, right?
    There other benefit is after around 5 years the mi will drop automatically and your monthly mortgage payment will go down without you spending a dime or doing anything.

    Edit To Response:
    “I don’t like PMI cause its paying in and not benefiting the house at all”….and that’s different from the interest you pay on a second mortgage how? If and when you sell your other place you can simply scratch a check towards your principle and if its enough to drop your loan amount to 80% or less of your purchase price your pmi should drop off without you doing anything.

  2. Reply
    May 4, 2011 at 1:25 am

    When applying for a home loan your credit report will be reviewed and you may be required to provide a number of other details, including: Employment and income records, Tax Returns for the last few years List of assets, List of liabilities and what you owe, Your budget showing monthly living expenses so that you can demonstrate an ability to pay.

    With this information you and your lender will be able to determine the kind of home loan and size of the right mortgage for you. In some cases, you can obtain a pre-approval or pre-qualified certificate, which shows how much you can borrow so that you can then shop for homes in an appropriate price range.

  3. Reply
    Rush is a band
    May 4, 2011 at 1:32 am

    The other real answer is correct, not anymore.

    Many, many, many of those second mortgages (the 15 or 20 or 10) got completely wiped out. So, if you are a lender and a large percentage of those second mortgages were much riskier than previously thought, would you lend the money out on them? No? Didn’t think so!

    This is the primary reason these arrangements are harder to find today. Just like going to 100% LTV for equity lines (or worse yet, >100%).

    good luck!

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