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Christopher Said:

PMI and Mortgage insurance?

We Answered:

Lord, you don't know how it works hon.

PMI just makes the interest payments, it doesn't pay the house off...that is why the BANK still has to sell the house.

PMI will not pay for the shortfall in a shortsale or a foreclosure...so that is where the bank loses.

There is no such thing as "federal" PMI...they are all private companies.

Gladys Said:

Are you required to have PMI on a mortgage that is 70% of the property value?

We Answered:

you are correct unless it's a purchase, then everything is figured on the sales price.

Arnold Said:

PMI Mortgage insurance Default, no longer have loan and doing fine, but can't lend money?

We Answered:

Hi

Some Lending Institutions have their own in house motgage insurers. (Rather than an outside company) Usually they are willing to look at people outside their normal criteria on a case by case basis. The reason for this is they both want to see you get a loan its a common goal for both of them as they are both part of the same company. So maybe check if the people you have applied for the loan through have in house mortgage insurers as if they don't it may be worth getting a second opinion off another institution who does..

Usually as long as there is a good reason for the debt as well as showing that things have now been rectified they can look to get approval on mortgage insurance for you

Hope this helps

Ethel Said:

Georgia Mortgage Program with no PMI (Private Mortgage Insurance)?

We Answered:

If you are a disabled veteran the Veterans Administration will waive their funding fee (PMI). That is the only thing I know of. if you want more info on it go to http://www.vareficenter.com they have all kinds of info on that stuff.