     editor (Sportguy) | Tuesday, April 03, 2001 - 12:25 pm 
i dont want to pay pmi. ive heard that you can get a loan like an 80-15-5 loan. last i checked, i had credit scores of 717-654-647. this was before i paid off my car and got an increase in one of my credit cards from 2500 to 5000. do i have good enough credit to get an 80-15-5 loan. |
| Don Semler (Dsemler) | Tuesday, April 03, 2001 - 06:24 pm
should be no problem. Assuming that debt ratio's, employment etc. check out and property is a SFR
Your looking at about a rate of about 7.25% for the first on a 30 year fixed 0 pts, + either 9.8 or 11.5% on the second for 20 years. 2nd is based on primary score for your zip code. If it is the 717 score you get 9.8. Otherwise the higher one. Let me know state and zip and which CRA the score belong to and I can give you a better idea. Even at the higher rate it sometimes still makes sense as the PMI is jsut a waste. |
| editor (Sportguy) | Wednesday, April 04, 2001 - 05:13 am
thanks, don
my 717 was experian. im in the 75039 zip code and looking to buy in 75063. 654 was tu; 647 was equifax.
i wonder why my mortgage broker didnt mention the 80-15-5 loan to me. |
| Don Semler (Dsemler) | Wednesday, April 04, 2001 - 01:42 pm
because it's less work to do one loan than 2 and we don't make anything on the 2nds.
Will let you know on the zip code on thurs. |
| Don Semler (Dsemler) | Saturday, April 07, 2001 - 06:38 am
Sorry for the delay, looks like it will be the TU score for yoru zip but some lenders are different. some will do it by the middle score, other will use a primary zip.
In either case you shoudl be between the ranges above.
I have a contact for you in TX that I will send to you later. Just don't have it handy here.
She can help you with a lot of yoru concerns.
I could help you in TX but there are some different laws and it woudl be easier to work with somebody that is more familiar with the state than myself. |
| Ann (Momof3) | Saturday, April 07, 2001 - 06:46 am
Could you explain the zip code issue a little more?? My zip code is 22802 and will probably buy in the same. I am curious what exactly this means??
Thanks |
