[quote=Tbynum;836]RE: question for some experts in the Mtg Industry
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What LTV is requred for PMI?
What is an 80/20 Loan?
What is the approximate score needed for a conforming loan?
Do you gross up Social Security Income, if so, by how much?
What is the approximate DTI for a Conforming Loan?
The answers to these questions would greatly appreciated.
Thanks
[EMAIL="Ms.Bynum@hotmail.com"]Ms.Bynum@hotmail.com[/EMAIL]
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1. PMI is require when you get 1 mortgage up above 80% LTV. The more you can put down the less your PMI payments will be.
2. A 80/20 is two mortgages. a 1st at 80% and the second at 20% , this gives a CLTV of 100.
3. About 680, depending on other factors like how much down, amount in the bank, etc.
4. You can gross up SSI income and any other type of government monthly income by 25%. For example if you get $100 then $125 is use on your loan app
5.DTI or debt to income for conforming loans can be as high as 55% provided that there is a lot of money in the bank( reserves), the amount of down payment, and other factors. Normally DTI maxes out at 43%
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