FHA Loan?

[halloweendmb1]

I was told MI is impossible to get right now, even with a perfect credit score.

not true. You can't get MI for investment properties or if you have a BK in past 2 years, no foreclosure and also they will not offer you PMI past a 45% Debt-to-income ratio. They will make a case by case decision up to 55% but I haven't seen a single one get approved. I close at least one loan a month w/ PMI mostly 660 FICO and above, plus it is really expensive now

FHA is its own beast because you pay the 1.5% upfront as partial PMI plus the monthly .5% pmi, they might go past 45% but their UW guidelines so no past 41% w/out special circumstances.

[hereforinfo]

What about pmi for a refi, out of curiosity?

[whoops08]

I was a loan officer for a Hard Money/Private Money lender for 4 years so I know immediately if a lender is full of it and I know how to present my case.

I've actually spoken with two that can approve me and many others that cannot. I'm going to wait until September anyways since I can save another 30K by then so that I'll have more reserves and then I will have no doubts about FHA approval. I just wanted an approval now just in case I find a property I cannot resist.

Unless you can put 20% down most people are better off putting as little down as possible so they have reserves in the bank for the piece of mind. I recommend at least 4 months reserves available after the home purchase.

Logan

Logan. when was your bk 7 discharged? We were discharged in 10-08 and want to buy a home in the next 12 months. We are encouraged to hear that you were approved for loan. Can you PM me the name of the lender?
Our credit scores haven't fully recovered yet, but it seems to be climbing.
Thanks for any help.

[halloweendmb1]

What about pmi for a refi, out of curiosity?

It doesn't matter if it is refi or a purchase in obtaining pmi

[hereforinfo]

Interesting, because I have called several brokers who can do nothing for us. 780-800 credit scores, 90-95% LTV, and DTI ratio = 20-25%. No other debt besides mortgage and one car payment, no bankruptcies or foreclosures. We want to refi $400k. Is it possible?

[HHM]

Interesting, because I have called several brokers who can do nothing for us. 780-800 credit scores, 90-95% LTV, and DTI ratio = 20-25%. No other debt besides mortgage and one car payment, no bankruptcies or foreclosures. We want to refi $400k. Is it possible?

The refi market is basically dead. The only people I have seen get refied are 85% or less of LTV. There is simply too much risk in real estate valuations right now.

[halloweendmb1]

I am closing a refi at 94% LTV tomorrow she has PMI but a rate under 5%.
95% LTV is the max on a rate & term meaning no cash out (can refi the second mtg if it was used to buy the home)

Cash out is limited to 85% LTV yes and if you have a second and it wasn't used to buy the home your refi will be cash out and you will not be able to go past 85% ltv

[fltoo]

Out of curiousity Halloween, on a purchase, not refi, what dti front and back end ratios do the lenders use now for a 95% LTV loan?