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For the mortgage brokers: $200k on $320k requires PMI?

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Old 12-30-2007, 09:49 PM
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t500hps, there is no "quotes" around the insurance, it is exactly that, something that is paid into a separate company (by the lender) that will payout in the event you default and they are unable to recoup the note amount out of the property. It's not just a fee the bank imposes.
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Old 12-31-2007, 08:31 AM
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Originally Posted by t500hps
wouldn't exactly call it legal but write the contract for $250K with $50K down payment....the bank would see that as 20% down and not require PMI.
would have to sho the $50k in an escrow acct somewhere, not to mention the papertrail of where the buyer got the money from
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Old 01-01-2008, 01:48 PM
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Originally Posted by berns29scarab
would have to sho the $50k in an escrow acct somewhere, not to mention the papertrail of where the buyer got the money from
Absolutely......you have to show "seasoned" assets (where they came from and in your posession for 2+ months)
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Old 01-01-2008, 02:27 PM
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I know....re-read the first 5 words of my post.....
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Old 01-01-2008, 02:28 PM
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Originally Posted by berns29scarab
would have to sho the $50k in an escrow acct somewhere, not to mention the papertrail of where the buyer got the money from
Originally Posted by Semper Fi
Absolutely......you have to show "seasoned" assets (where they came from and in your posession for 2+ months)

I know....re-read the first 5 words of my post.....
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