All Forum Posts by: N/A N/A
N/A N/A has started 2 posts and replied 7 times.
Post: TWO Mortgages for ONE House?
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Originally posted by "EZLoanz":
An 80/15/5 equates to 100% financing and as configured, PMI would not be required.
What's LTV? What are points?
I'm not sure what you mean by required. They just asked me how much I planned on putting down and I said "10."
Why are you certain? Is that always the case with 80/15/5 loans? They didn't say anything to me about the 2nd mortgage being variable.
I'm thoroughly confused.
What's FHA? What do you mean by 97%? Wha'ts a lien? What are allowances? What are gift funds? Where do the down payment assistance grants come from, and how are the dollar amounts figured? What's a gift of equity? Bring what to 100%?
Is this type of loan avaliable through every lender?
Good guess. My "middle" score is 746.
Post: TWO Mortgages for ONE House?
- Posts 7
- Votes 0
Originally posted by "Minna":
ANOTHER $150 per month on top of homeowner's insurence, tax, and my loan payment? Ouch.
What do you mean by 95? I don't understand this whole 95% / 100% thing. 95 percent of what?
Thanks for the replies.
In my search I found http://www.grants.gov but I couldn't really find anything. I'll keep searching though...
Post: TWO Mortgages for ONE House?
- Posts 7
- Votes 0
Thanks for the reply.
Now that you mention it, I realize it is an 80/15/5
How much does the PMI usually end up costing? Is it a flat fee? or a monthly expense?
I make less then $114K, so unless the PMI is of great expense, I don't really see much of an advantage of an 80/15/5
Post: TWO Mortgages for ONE House?
- Posts 7
- Votes 0
I'm in the market to buy my first home (30 year fixed), and today I talked with my first potential lender. It made me realize that I need to get ALOT more educated. LOL.
They approved me for up to $200,000 at 6.25% with $10,000 down.
But for some reason this "deal" involves two seperate loans. They called it an "8015" I believe.
Has anyone heard of this type of mortgage? Does this sound like a good deal? My credit score is 746 and they said my payment on a $185,000 loan would be about $1087 per/month. The lender was Chase, BTW.
Thanks in advance for any help.
Hi, I'm looking to buy my first house. Probably a 30 year fixed.
My father keeps telling that government programs exist to help out first time buyers.
I did a quick search but couldn't really find anything.
Do such programs exist? If so, where do I look for them at? Are they State? Federal? County?
Sorry if this is a lame question. Thanks in advance for any help. :oops:
What is a comp?