Home : Blogs : Robert Rauf : Robert's Blog

Vacation Homes With as little as 10% down: PMI Companies finally relax guidelines

Finally, some good news in the form of relaxed guidelines.

This is some great news. PMI Companies have caused many of the guideline changes we have experienced over the past few years since they were not willing go offer PMI on anything that had risk at all.

Just a few weeks ago we got news that we can do 10% down second homes. Here are the requirements:

720 Minimum credit score
$417,000 Max Mortgage

Even if you don't dabble much in the Vacation Home market, this is a great sign. This news came from one of the more conservative PMI Companies. The fact that they are willing to insure vacation homes shows that they have a renewed confidence in the Real Estate Market. This confidence must mean that they see a stable improving market or they would not add any risk to their portfolios

Have a great week!

Rob

Robert Rauf

Mortgage Banker

www.RobertRaufHomeLoans.com or my blog: http://activerain.com/blogs/rrauf

(732)223-1630 x102

Since 1987 I have been helping my clients fulfill their dream of home ownership!

Real Estate Mortgage Network

NJ Mortgages, New Jersey Mortgages, Mortgages in NJ, mortgage in New Jersey, Mortgages in New Jersey

Posted by Robert Rauf on 10/15/2009 12:01 PM

Comments (8)

mortgage news, second homes, toms river real estate, robert rauf, robertraufhomeloans, pmi

This post has been included in New Jersey Information Ocean County, NJ Information Toms River, NJ Information
Post is included in group: The Optimist
Post is included in group: Real Estate Rookie
Post is included in group: Real Estate Professionals
Post is included in group: Club Chaos
Post is included in group: All About Mortgages/Mortgage Networking

8 Comments on Vacation Homes With as little as 10% down: PMI Companies finally relax guidelines

OCT

Robert, this is good news of confidence in the second home market. Thanks for bringing this to all our attention.

Thanks Gary! Previously when you liked at the PMI grids you wondered if they were really in the PMI business it was so darn restrictive!

Thanks for sharing this encouraging news. ~ Amy Jones

Robert... this is great news... question, which MI companies though? And I wonder if it will be state specific. Example, I have a gentleman wanting to buy a 2nd home in Florida, who is from NY. thanks

jeff belonger

OCT

You are welcome Amy, Have a great weekend, and thanks for the comments.

Good morning Jeff, so far it is GE which is encouraging since they have been the most conservative... but it is not in all 50 states. I dont have the guides in front of me, but I think it was the usual 4 that are considered high risk: FL, CA, NV and AZ.

OCT

We are looking at a vacation home in our home state of West Virginia. BofA said this isn't true. What PMI/Mortgage company can I work with to get PMI on a vacation home?

Mike, It certainly is true. But it is possible that BofA is not willing to do it. Unfortunatly I can not do WV But some one should be able to. Genworth is the PMI company that is allowing it as of September

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?