PMI questions, please

[Gom64]

1.I understand FHA owered their PMI rate for 2015.  Does anyone know the current rate versus the current rate for a USDA PMI rate? Would a USDA loan be cheaper than the FHA, assuming you would be putting a 10 percent down payment using either one?

2. Do lenders still uses Piggy Back or Blended Rate Morgages? If so are they 80/20? 80/10/10?

3. If anyone has secured one of these loans can you give me an idea of the interest rate difference in the 1st and 2nd mortgage? 

With our current credit scores, we qualify as high fair to good.  Waiting on official approval letter to start  home shopping.

Thanks

[frugalQ]

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@Gom64 wrote:

1.I understand FHA owered their PMI rate for 2015.  Does anyone know the current rate versus the current rate for a USDA PMI rate? Would a USDA loan be cheaper than the FHA, assuming you would be putting a 10 percent down payment using either one?

2. Do lenders still uses Piggy Back or Blended Rate Morgages? If so are they 80/20? 80/10/10?

            - yes, there are lenders who do 80/10/10 loans and a few who do 80/15/5.  for these loans, most lenders require credit scores of 680 or higher.

3. If anyone has secured one of these loans can you give me an idea of the interest rate difference in the 1st and 2nd mortgage? 

           - we closed on our house last month and got an 80/10/10 loan.  We had to go this route to get our loan under conforming limits.  first mortgage int rate is 4.25%, second is 5.685%.  our loan is conventional.

With our current credit scores, we qualify as high fair to good.  Waiting on official approval letter to start  home shopping.

Thanks

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