Where To Get PMI Approvals
by Steve Olvido
(California)
Regarding where to get PMI approvals: A large national bank just came out with a new conforming loan with 5 percent down but the catch is you have to find companies who will offer PMI (private mortgage insurance) on 95 percent LTV (loan to value).
Are there companies who would do this for homes in the California declining market? If so, which companies? Thanks, Steve Olvido
Dear Steve, You must be a mortgage broker, right? And brokering to the large national bank for this program requires you to dig up a PMI company yourself? Write back if this is not the case.
Although I do not know specifically any specific PMI companies to recommend, how about asking "XYZ" Bank which private mortgage companies they've approved for other types of mortgage programs and start from that list.
Perhaps there are other mortgage brokers reading this with advice. Please leave a comment below if you know which PMI company is insuring 95 percent LTVs in California or other declining markets.
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