Quote:
Originally Posted by Pawnmower
A lender *may want you to kick in cash to bring that to 80%
It would all depend on the appraisal most likely. So getting a lender who does the appraisal at no or little cost (their pocket) would be good so if the appraisal was short, you could protest or walk away without getting hit.
I believe 80 is the magic number for PMI but I'm not completely sure, since as an investor I cant make offers with less than 25-30% down.
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That's what it was previously. I bought my home in the middle of the housing crisis, and had averaged 39.5 hrs/week over the previous two years of work (not sure how they came up with that, as I had worked full time, but whatever), and they would not insure my mortgage. Had to scrounge every penny I could to get a full 20% down payment, or no house for me.