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Updated over 8 years ago on . Most recent reply
Need Help Structureing an Offer & asking seller to hold a 2nd
We are trying to find a way to buy a $550k-$600k house here in S. Florida (assume $417K conventional) with 10% down not the 20% down that is required for a jumbo, to avoid PMI doing an 80/10/10. My 10% isn't enough to get me there with $417K + $60K leaving about $60K as a 2nd. Help me structure this offer to the seller rate & terms included with a balloon in12-24 months.
-we have the income and DTI to cover
-credit scores 780 to 800
Thanks in advance for your suggestions!
Most Popular Reply
@Zach Quick I have it's called Lender Paid Mortgage Insurance "LPMI"
the higher rate is not attractive to me
considering they roll it into the premium better yet finance into the rate.