Comments on: PMI Companies Hit Hard By the Real Estate Market Downturn http://pensacolarealestatenews.com/2008/09/01/pmi-companies-hit-hard-by-the-real-estate-market-downturn/ Just another Real Estate Tomato weblog Mon, 15 Feb 2010 20:36:07 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Steve http://pensacolarealestatenews.com/2008/09/01/pmi-companies-hit-hard-by-the-real-estate-market-downturn/comment-page-1/#comment-7709 Steve Mon, 08 Dec 2008 19:27:02 +0000 http://www.pensacolarealestatenews.com/2008/09/01/pmi-companies-hit-hard-by-the-real-estate-market-downturn/#comment-7709 While there is no direct benefit to borrowers with PMI (other than the ability to buy a home without putting 20% down), there are loan programs available today with no PMI. An example would be the USDA rural development loan. This loan is available in the north half of Escambia county and virtually all of Sant Rosa, Okaloosa and Baldwin counties. It allows the buyer to finance 100% of the appraised value in a purchase transaction. If the property appraises for more than the purchase price, it allows you to actually finance closing costs leaving a minimal out of pocket expense. While there is no direct benefit to borrowers with PMI (other than the ability to buy a home without putting 20% down), there are loan programs available today with no PMI. An example would be the USDA rural development loan. This loan is available in the north half of Escambia county and virtually all of Sant Rosa, Okaloosa and Baldwin counties. It allows the buyer to finance 100% of the appraised value in a purchase transaction.

If the property appraises for more than the purchase price, it allows you to actually finance closing costs leaving a minimal out of pocket expense.

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