Mortgage loan with Stated income, lender fees.?
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I and my sister are applying for a loan amount of 200k to 250k with stated income. Our credit scores are 725 and 760.
The reason is she can go with full documentation loan but since my job is self income, I can't go for full doc and have to state my income, that's without showing any docs.
Her income alone is not enough to qualify for loan and that's why I am involved in this.
So therefore, the mortgage consultant says we have to go for stated income and we can put 5% down on loan amount up to 250k.
We are having to pay about $150 monthly for the PMI or mortgage insurance, is this avoidable without putting down 20%?
here are some of the fees lender guy wants to charge me for a loan amount of $ 242,250, 30 fixed interest of 6.000%
Appraisal fee- $ 300.
Processing fee- $350
Underwriting fee - 700
Titile insurance - $1.100
closing costs -$2,450
Items required by lender to be paid in advance
interest for 15 days @ 40.3750 $ 605.63.
Mortgage loan with Stated income, lender fees.?Going for a second mortgage for the additional 15% down ( if you are putting 5% down) is called a piggyback mortgage, and eliminates the need for PMI. However, these deals are much harder to come by, now that the credit crisis has come to U.S. banks/lenders. Also, the second mortgage is at a higher interest rate, and some are for a shorter time period than your first mortgage. So, know all the facts before you sign anything.
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