Mortgage (Houston: second mortgage, credit, loan)

[wheretogo]

We are on contract to build a home and obviously, have some incentives to go with the builder's mortgage. But, I want to shop around and see what I can get. Have a FICO of around 760 and plan to put down 10% for a 300K home.

I would like to know whether a 80/10/10 is available in Houston area ? ( I did not post this in the mortgage forum because Houston is lot different from, say, Arizona when it comes to RE. )

Does anyone get a good rate from any other banks recently ?

Any banks/Credit unions offer a 90% loan without PMI ?

Any banks that do not charge any fee to waive escrows even if your down is less than 20% ?

[Dougishere2]

Originally Posted by wheretogo

We are on contract to build a home and obviously, have some incentives to go with the builder's mortgage. But, I want to shop around and see what I can get. Have a FICO of around 760 and plan to put down 10% for a 300K home.

I would like to know whether a 80/10/10 is available in Houston area ? ( I did not post this in the mortgage forum because Houston is lot different from, say, Arizona when it comes to RE. )

Answer is yes 80-10-10 are still around but it is getting harder and harder to qualify for the second mortgage it would be better to pay PMI and then when the value of your home goes up and you have paid down some of your princible ask your bank what you need to do to get them to drop the PMI. Comparing an 80-10-10 to a mortgage with PMI the payments arer almost the same.

Does anyone get a good rate from any other banks recently ?

Todays rates that my company are offering is 5.5% on a 30 year fixed.

Any banks/Credit unions offer a 90% loan without PMI ?

No.

Any banks that do not charge any fee to waive escrows even if your down is less than 20% ?

No.