|
The less
equity you have in your home the more strict underwriting will be at
slightly higher rates.
Full documentation
does allow you access to the lowest rates available for standard
documentation conforming FNMA loans.
|
The more
equity you have in your home the less strict underwriting will be at
slightly lower rates.
Full documentation
does allow you access to the lowest rates available for standard
documentation conforming FNMA loans. |
|
You may also wish
to consider splitting your total amount of loan needed by dividing it into
(2) two loans. One loan representing 80% of the property value and the
remainder on a small 2nd lien loan. This type of loan structure
allows you to avoid PMI ( private mortgage insurance )
Typically the
total of the (2) house payments combined is still less than the total house
payment of (1) single loan with PMI.
*NOTE...both 1st
and 2nd lien interest on your homestead are tax dedctible. PMI
is insurance therefore not tax deductible. |
|
