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Becky Said:

Is there any way in arizona to not have mortgage insurance other than putting 20% down payment?

We Answered:

You have 3 choices:
Find an owner with a free and clear house who will accept payments. You don't get a mortgage at all. The seller holds your "mortgage" in a carryback. No MI.

Ask the seller to carry the difference between your down payment and the 80% mortgage. The law is that the seller must carry for at least 5 years. Most sellers are willing to help but they want to be paid off in 2-3 months. They must wait 5 years.

You find a "hard money" lender in the newspaper classifieds. He loans you the entire purchase price and you pay him 18% interest. After you have been in the home for 2 months or 6 months, you will start to receive letters from banks offering to refinance your house. YOu hire one of them to refinance the house but only if the appraisal is high enuf so you don't have to pay MI. It will probably work if your credit is good..

Jordan Said:

If you own land, can you use that as a down payment for a mortgage?

We Answered:

althoug they are partially right first of all lets start form the begining.

If you own the land and you try to get a construction to perm loan your loan would be on the construction and it would be less than the mortgage.
your land value would be considered into the apprised value your loan would be less then the appraised value with a completed home on it.

you would be looking for a construction to perm loan! they loan you the amount of the construction then once the home is completed it converts to a mortgage. during construction you only pay for the money thats out during the build.

the you would probably not be looking for 100% financing if the property appraises for more than the cost of construction. and in most cases it does! if you own the land outright you should have no problem getting financing.

what you need ot find out is what would be the value of your property with the house you plan to put on it.
the value of the land would be considered in your favor!
most lenders will lend against the value of the home completed

simply put if you build the house for 100k and the home on the land is valued at 155k you are only borrowing 66% LTV

Leslie Said:

Mortgage Insurance.......................?

We Answered:

You cant just call to have it cancelled, you call and an appraisal is done to verify that you have arrived at the 80% mark and it has to be an appraiser that is on the lenders list of approved appraisers.. So you cant call your buddy the appraiser and have him "strech" the value.

Norman Said:

How Private Mortgage Insurance (PMI) i have to pay each month for $175000 house loan.? with 10% Down Payment?

We Answered:

Your monthly PMI costs will depend on your FICO score. Someone with a better credit score is less of a default risk than another borrower with a lower credit score.

With average to decent credit and 10% down on a $175,000 loan you should probably be paying about $70 to $80 a month for PMI. Your lender will be able to give you a better estimate.

There are PMI estimate calculators on the web that you can try, but they are as much an estimate as any of these answers. Only your lender can give you a good, accurate estimate. The lender knows all your particulars and his perceived risk.