Yuck! Just a couple of dollars? So over time as you pay more in principal, the PMI begins to drop off quicker, but in the beginning years, it drops off at a slower rate.
Makes sense...which means more PMI to write off on my taxes in the beginning!
Makes sense...which means more PMI to write off on my taxes in the beginning!
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! 
Last App: 4/5/13 Gardening until July 2014
So,what would happen if your score is less than 620,but your DTI IS 21%?
Starting Score: 553(EQ) 572 (TU) 586(EX) (EQ Complete Advantage)
+1, and if that lender requires manual UW after June 1st, it may be safe to say that it is a lender overlay since the new rules state that you have to have a score below 620 AND a DTI of greater than 43% for manual UW to be FHA mandated.
+1, every loan is reviewed in great detail but manual UW adds evens more scrutiny to the process. Once you get cleared to close, you will feel as though your file was manually underwritten, even if it wasn't. That is why so many despise manual UW as the normal process is already painful enough.
PMI is no longer deductable... 