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Banks telling me I have to pay Pmi with a large down payment because of prior bankruptcy.


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The last post in this topic was posted 3921 days ago. 

 

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If FHA, and you need to buy now, I would consider setting aside enough cash to pay for at least 2 years of monthly PMI and put the rest down or at least the amount that would garner the lowest PMI. For 30 years I believe that's 5% and will have monthly PMI of 130 bps. If you can swing 15 years, I believe it's 22% and the PMI drops to 45 bps. Then, in 2 years revisit it and see if you can refi to a conventional loan. It stinks that this is the only option with that large a downpayment, but I guess that's the price for getting back on the horse so soon. Good luck!

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The last post in this topic was posted 3921 days ago. 

 

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