Single loans over 80% either require a separate PMI payment OR can be “lender paid” (They say there is no MI, whether it’s factored in or not, you do pay a higher rate)
For the first time, separate PMI payments in 2007 are tax deductible. It is not been determined if this will roll over into 2008 AND their are income limitations.
It’s better to take an all inclusive loan and have the write off for sure.
I’m unclear on your request above. Are you putting 10% down or want 100% financing for non owner ?
Minor cosmetic fixers just appraise for less, but major structural fixers are a different breed. They can require a “cost to cure” analysis and can get a bit complicated.
There are piles of money available for loans, at some rate. The less risk there is to the lender, the better your options get.
Can you imagine what would happen if lenders stopped lending more than 75%-80% on homes ??
Prices would plummet. It’s a way to control the market, however the opposite happened and the market became out of control.
