QUESTION ABOUT DOWNPAYMENT BELOW 20% - 未名空间MITBBS历史存档

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QUESTION ABOUT DOWNPAYMENT BELOW 20%

QUESTION ABOUT DOWNPAYMENT BELOW 20%# Living

h*12010-11-04 07:11

1 楼

Bank give me a FHA and said I can only put 3.5% down payment. But there is a
montage insurance, which is high, and she said I can not concel this
insurance in 5 years even though I paid principle up to 20%. Is there any
other loan options that I can get the insurance cancel when I reach 20%?
Thanks

l*o2010-11-04 07:11

2 楼

怎么会只能放3.5%的down payment呢？？？

a

【在 h*****1 的大作中提到】

: Bank give me a FHA and said I can only put 3.5% down payment. But there is a
: montage insurance, which is high, and she said I can not concel this
: insurance in 5 years even though I paid principle up to 20%. Is there any
: other loan options that I can get the insurance cancel when I reach 20%?
: Thanks

b*d2010-11-04 07:11

3 楼

如果你付到20%，就可以Refinance到Conforming Loan，那样就不会有Mortgage
Insurance了。只需要确认一点，你的FHA Loan是没有Prepayment Penalty的.

a

【在 h*****1 的大作中提到】

h*12010-11-04 07:11

4 楼

IS there any other kind of loan except FHA that I can get below 20% down
payment and I can cancel the montage insurance right after i reach 20%?
Thanks, Gao Shou

b*d2010-11-04 07:11

5 楼

你有没有15%的Downpayment?

【在 h*****1 的大作中提到】

: IS there any other kind of loan except FHA that I can get below 20% down
: payment and I can cancel the montage insurance right after i reach 20%?
: Thanks, Gao Shou

h*12010-11-04 07:11

6 楼

I may or may not, depends on what the price of the house I get finally.
sorry, just get into this market.

p*l2010-11-04 07:11

7 楼

you can do 10% down conventional loan. When you think you are reaching 20%
equity, ask the bank do an appraisal, then you can get rid of PMI. Or you
can refinance.

s*y2010-11-04 07:11

8 楼

You can do second loan instead of loan insurance if you can put at least 10%
down. Second loan is same as 1st loan, but usually come with a prepay
paneltiy in 2 or 3 years. It's hard to get second loan though. Look at your
local credit unions. They are more willing to give your better option than
those bigger national banks.

【在 p*l 的大作中提到】

: you can do 10% down conventional loan. When you think you are reaching 20%
: equity, ask the bank do an appraisal, then you can get rid of PMI. Or you
: can refinance.