On the secu website it says financing for primary residences up to 95% for fixed rate.

Quote :

"The rates have been so low the last few years that it made no sense for me to go with an ARM just to save a quarter to half percent for a couple years."

well said

[Edited on January 21, 2007 at 3:22 PM. Reason : ]

1/21/2007 3:21:53 PM

yea, but it says:

Quote :

"Private mortgage insurance is required when financing more than 80% of the sales price or appraised value, whichever is lower [on a fixed mortgage]."

eleusis: Who was the lender?

[Edited on January 21, 2007 at 3:50 PM. Reason : ?]

1/21/2007 3:49:32 PM

MI is tax deductible now, btw

1/21/2007 3:53:27 PM

I went through a friend that works at meridian residential, and they sold my loan to BB&T.

1/21/2007 3:56:07 PM

Are you getting my e-mails?

1/23/2007 12:01:30 PM

^^ we buy the bundled securities but don't sell those originated with us

[Edited on January 23, 2007 at 1:02 PM. Reason : mktable]

1/23/2007 1:01:41 PM

Quote :

"MI is tax deductible now, btw"

i was just reading about that. so there's basically no reason to do much of a downpayment, right?

2/28/2007 12:09:46 AM

for the SECU talk:

you CAN get 100% financing with first time home buyer programs with no PMI or closing costs, but it's for 6.25% and it's a 2 year ARM that you can refinance.

that may be old news, but i don't have time to read the entire thread and know that they have a program for that.

2/28/2007 12:13:49 AM

Quote :

"i was just reading about that. so there's basically no reason to do much of a downpayment, right?"

I disagree. PMI may be tax deductable, but that still doesn't make it a good thing. Also, in addition to getting rid of pmi, a down payment allows you to

A. Lower your monthly mortage payments
B. Increase equity in your home

The latter is especially important in case you are in an area like CA where they have seen negative growth in the past year. You don't want to go try to sell your house only to realize you owe more on it than it's worth.

2/28/2007 8:59:40 AM

Quote :

"You don't want to go try to sell your house only to realize you owe more on it than it's worth."

then you can just default on the mortgage

if you have equity then you'd lose it

that's exactly why you shouldn't put anything down

2/28/2007 10:23:51 AM

Quote :

"Paging Str8BacardiL... my fav TWW realtor "

2/28/2007 11:02:01 AM

^^ Yeah, defaulting on a mortgage has absolutely zero consequences. I highly recommend it. A++++ would default again.

2/28/2007 11:43:58 AM