February 17th, 2013 5:17 PM by Sam Kader MLO# 130505
Recent HUD announcement to increase its annual mortgage insurance and mortgage insurance for the life of the loan makes the decisions to go conventional a bit easier (if one can qualify). Here are some pointers for conventional with Private Mortgage Insurance (PMI):
3% gift funds is allowed provided that:
Please be advised that the files will require closer scrutiny from the lender as well as the mortgage insurance company. Pacific Coast Financial will pre-underwrite the files internally to ensure that our files will be approved. Each borrower is unique. Please call or email us for free consultation.