ANSWERS: 1
  • Loan to value isnt 79% as the lender always user the LESSER value of either purchase price or appraisal. You have two options... 1. Pay PMI for 6-12months until you can refinance to take out the PMI...Most lenders require 12months...while some may do it in 6months 2. Current rates are at 5.375%....you can put 5% down..and take out a Lender Paid PMI loan (LPMI)..and have a rate of 5.5%-5.625% 30yr fixed. You'll save a lot of money...and you can refinance 6-12months...or just stick with the good rate. You will need a 680+ credit score...with no major derogs. http://carolinahomerates.com/current_mortgage_rates.html

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