Tractor Posted September 25, 2007 Report Share Posted September 25, 2007 Hehe now we know why Countrywide is going under. Not dogging you, but they are giving you a loan without knowing if you are in fact a bum or not. I say it sounds like you have a pretty good deal going right there and should jump on it if it truely is a 30 year fixed rate. That rate is good. I'd probably keep a little of your down payment though especially if the house needs anything fixed up. Evan Quote Link to comment Share on other sites More sharing options...
jeffmeden Posted September 26, 2007 Report Share Posted September 26, 2007 20% down is enough for most companies to not really worry about your earning potential, if you turn out to be a dead-beat they will still get a decent return on the house once they foreclose. What I want to know is if it's true that they a) don't require income docs for less than 20% and b) don't require PMI for less than 20%. This is very unlikely, especially in the current loan environment, and if he is getting lied to he needs to figure it out pretty quick. Quote Link to comment Share on other sites More sharing options...
Bam Posted September 26, 2007 Author Report Share Posted September 26, 2007 I speak with my LO about once I week, and he's confirmed that I won't have PMI at 15% but the rate will bump up a .25%, so just paying it a different way I guess. Doesn't make any difference to me as I'm putting AT LEAST 20% down. Nothing's progressed as I haven't found the right house/place yet. I've made a few offers, but I'm not in a huge rush. Thanks for asking though! Quote Link to comment Share on other sites More sharing options...
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