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Author: jrdown Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127258  
Subject: Re: When can I qualify for a loan? Date: 4/23/2013 9:44 PM
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EvanED ~

I just read through the whole thread and I wanted to bring up something that I encountered when I bought my first home. This was over 30 years ago and we had 10% down but had to pay PMI because we didn't put down 20%. The idea is that once your home is under 80% of the value then the extra monthly expense will stop. I will tell you that oftentimes the lien-holder does not wish to curtail this and you may have a bit of a struggle to have it removed. PMI (Private Mortgage Insurance) is to protect the lien-holder from you not paying your payment since you have so little "skin in the game". You may want to inquire about that when you look into financing.


Robyn
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