All Forum Posts by: Melissa Searing

Oh wow again @Chris Mason! Jeesh, it's a bummer that big banks can still get away with the good 'ol bait-n-switch tactics, even after the crash. :/ And now that you mentioned it, I think I remember on the podcast that the guest said it is some kind of ARM loan. I watched the video you sent and the loan estimate I just got was with actually with HomeReady. On a mortgage for $240k with 3% down, the PMI is $223. Is that normal?

Thank you @Andrew Ferguson! I will try Founders. 

Oh wow, thanks @Chris Mason. I have been reading other threads on which people talk about LPMI, but they also say there are a few banks offering true "no PMI" loans. I read that BofA did this because they want to get away from FHA due to the millions they had to pay in fees for underwriting errors and they want to offer something comparable for first time home buyers. I first heard about this notion of "no PMI" on this week's BP "newbie" podcast where the guest found a bank which kept the standard interest rate and did not require 20% down for no PMI.
I am so glad you told me about the marketing scheme, though, and I will be sure to look out for forced refinance and and bumped interest rate.

Thank you @Andrew Ferguson! Do you happen to know of any in particular? I haven't had any luck with Heritage Trust or First Federal. 

Hi BP! Do any of you know of any conventional banks who will lend with no mortgage insurance without 20% down on a primary residence? I read about a program with Bank of America. 

http://money.cnn.com/2016/02/22/real_estate/bank-of-america-low-down-payment/

Has anyone utilized this program? I am looking for a South Carolina lender. 

Thanks!

What are the current/past rents?

Hi Amy! Michele (the brunette in my profile pic) is an agent-investor and manages a handful of select properties through Agent Owned Realty. You'll never have a better PM. Feel free to pm me and I'll send you her contact info. :)

Hi Shaun, welcome to BP! Contact my partner Michele - she is an investor-savvy realtor and works out of an Isle of Palms-based realty company called Agent Owned Realty. PM me  for her contact info as I am not able to post it here. Thanks!

I second Butler & College!

Hey Dan,  I don't know of an inspector in that area, but are you wholesaling this property? If so please PM me.