# Buying a home. denied PMI, what recourse do i have other than putting 20% down? **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [July 15, 2009, 4:40pm UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595 "2009-07-15T16:40:17Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![redZ](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/redz/32/7492_2.png) [@redZ](https://forums.speedlife.net/u/redZ)\ **Post date:** [July 15, 2009, 4:40pm UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/1 "2009-07-15T16:40:17Z")
So i was denied PMI on our new house due to credit issues. Anyone know if there are any other option? Does anyone do 80/20 mortgages these days? ---
**Author:** ![Fry](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/fry/32/7284_2.png) [@Fry](https://forums.speedlife.net/u/Fry)\ **Post date:** [July 15, 2009, 5:36pm UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/2 "2009-07-15T17:36:57Z")
Tis a sign of the times. I hope you can really afford the house. I financed 100% plain and simple, and didn’t pay a PMI. My lender offered a slightly higher interest rate in exchange for not requiring a PMI. ---
**Author:** ![redZ](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/redz/32/7492_2.png) [@redZ](https://forums.speedlife.net/u/redZ)\ **Post date:** [July 15, 2009, 5:51pm UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/3 "2009-07-15T17:51:32Z")
> [@Fry](#): > > Tis a sign of the times. I hope you can really afford the house. > > I financed 100% plain and simple, and didn’t pay a PMI. My lender offered a slightly higher interest rate in exchange for not requiring a PMI. hmm interesting, what lender did you use? We definitely can afford the house; It’s well beneath our means. We just happened to find this perfect house right at a time where if we put 20% down, we’d have no savings left… and unfortunately my wife’s credit is what caused PMI to be denied. ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [July 15, 2009, 5:59pm UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/4 "2009-07-15T17:59:29Z")
Can you qualify for a SONYMA loan? They only require like 3 or 5% with no PMI. ---
**Author:** ![redZ](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/redz/32/7492_2.png) [@redZ](https://forums.speedlife.net/u/redZ)\ **Post date:** [July 15, 2009, 6:03pm UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/5 "2009-07-15T18:03:11Z")
> [@Joe](#): > > Can you qualify for a SONYMA loan? They only require like 3 or 5% with no PMI. I don’t think so, income too high it seems. ---
**Author:** ![travisn](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/travisn/32/5046_2.png) [@travisn](https://forums.speedlife.net/u/travisn)\ **Post date:** [July 15, 2009, 6:04pm UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/6 "2009-07-15T18:04:44Z")
It might be a stretch, but could you qualify on your own? I cant believe they denied PMI. ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [July 15, 2009, 6:05pm UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/7 "2009-07-15T18:05:41Z")
I was going to suggest FHA loan with their smaller down payment requirement but that would still require PMI. My guess is you’re over the income restriction for SONYMA. Generally people who can afford houses outside the ghetto make too much for SONYMA. Remember, this is NY, where only the useless of society get help and the rest of us get taxed. At least that’s what the restrictions were like when I was looking 8 years ago. What about not putting your wife’s name on the mortgage if it’s her credit that’s really messing you up? She can always be added should you ever refinance down the road. ---
**Author:** ![redZ](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/redz/32/7492_2.png) [@redZ](https://forums.speedlife.net/u/redZ)\ **Post date:** [July 15, 2009, 6:11pm UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/8 "2009-07-15T18:11:21Z")
yeah i applied alone but my debt to to income ratio was too high that way, so i was denied the loan and PMI. Unfortunately, my wife’s income is required to bring down the debt/income ratio, however her credit prevents loan approval due to PMI… conundrum lol ---
**Author:** ![Coldaccord](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/coldaccord/32/7272_2.png) [@Coldaccord](https://forums.speedlife.net/u/Coldaccord)\ **Post date:** [July 15, 2009, 6:54pm UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/9 "2009-07-15T18:54:58Z")
if you have savings, why not use a portion of it to lower your debt/income ratio to an acceptable level (is it over 50%) ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [July 15, 2009, 7:15pm UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/10 "2009-07-15T19:15:02Z")
> [@JayS](#): > > My guess is you’re over the income restriction for SONYMA. Generally people who can afford houses outside the ghetto make too much for SONYMA. Remember, this is NY, where only the useless of society get help and the rest of us get taxed. At least that’s what the restrictions were like when I was looking 8 years ago. Eh, the income limit is $67,900 or $81,xxx in buffalo, depending on where you apply for. Not too bad for a one income applicant. If you’re under that, I would apply by yourself. ---
**Author:** ![Locutus](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/locutus/32/7574_2.png) [@Locutus](https://forums.speedlife.net/u/Locutus)\ **Post date:** [July 15, 2009, 7:41pm UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/11 "2009-07-15T19:41:53Z")
was your denial contingent upon something? If so, fix the something and re apply. ---
**Author:** ![Quattro\_Krant](https://avatars.discourse-cdn.com/v4/letter/q/ac91a4/32.png) [@Quattro\_Krant](https://forums.speedlife.net/u/Quattro_Krant)\ **Post date:** [July 15, 2009, 8:28pm UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/12 "2009-07-15T20:28:32Z")
Denied PMI, I have to say I have never heard of that before:gotme::gotme: Wouldn’t they just deny you the mortgage instead of saying you are approved for a mortgage but on PMI you are fucked??? I _BELIEVE_ that you can do an 80/20 mortgage, I could swear that I remember that being an option when I bought my house back in 05. ---
**Author:** ![POOPRA](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/poopra/32/7188_2.png) [@POOPRA](https://forums.speedlife.net/u/POOPRA)\ **Post date:** [July 16, 2009, 4:48am UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/13 "2009-07-16T04:48:20Z")
> [@redZ](#): > > I don’t think so, income too high it seems. I paid PMI on my SONYMA loan, I bought my house over 5 years ago so things might be different now. ---
**Author:** ![redZ](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/redz/32/7492_2.png) [@redZ](https://forums.speedlife.net/u/redZ)\ **Post date:** [July 16, 2009, 5:27am UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/14 "2009-07-16T05:27:59Z")
Yeah definitely stupid the way it works… Here’s the explanation… mortgage company says “your cash and income are sufficient to get the loan through us, but to get the loan you need PMI. and the PMI firm say we’re a risk, so no isureance for you” Looking into other lenders now… Unfortunately for PMI to say yes… my wife’s credit rating would need to jump about 100 points… not going to happen anytime soon. ---
**Author:** ![drvnkd](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/drvnkd/32/109615_2.png) [@drvnkd](https://forums.speedlife.net/u/drvnkd)\ **Post date:** [July 16, 2009, 5:28am UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/15 "2009-07-16T05:28:02Z")
I went through SonyMa… That was a great process tracking down gift receipts from people after our wedding. Then, they took away my closing cost assistance because I used “gifted” money (even though I did not break even on the wedding) ---
**Author:** ![LZ1](https://avatars.discourse-cdn.com/v4/letter/l/7ab992/32.png) [@LZ1](https://forums.speedlife.net/u/LZ1)\ **Post date:** [July 16, 2009, 5:34am UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/16 "2009-07-16T05:34:23Z")
If you got denied PMI it was probably for good reason. Have you considered saving up more money? ---
**Author:** ![redZ](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/redz/32/7492_2.png) [@redZ](https://forums.speedlife.net/u/redZ)\ **Post date:** [July 16, 2009, 5:47am UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/17 "2009-07-16T05:47:50Z")
> [@LZ](#): > > If you got denied PMI it was probably for good reason. > > Have you considered saving up more money? We’ll their “good reason” is clear; it’s that my wife’s credit rating is below their FICO number that they require to grant PMI. Unfortunately that score doesn’t illustrate our current financial situation, which is quite good. The pitfalls of bad choices way early in life that stick with you i guess… We’ll see what happens today… in contact with mutiple 100% financing lenders now who should get back to me… _fingers crossed_ ---
**Author:** ![93dx\_hatch](https://avatars.discourse-cdn.com/v4/letter/9/90ced4/32.png) [@93dx\_hatch](https://forums.speedlife.net/u/93dx_hatch)\ **Post date:** [July 16, 2009, 6:07am UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/18 "2009-07-16T06:07:01Z")
Can you buy a house in just your name even though your married? ---
**Author:** ![redZ](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/redz/32/7492_2.png) [@redZ](https://forums.speedlife.net/u/redZ)\ **Post date:** [July 16, 2009, 6:11am UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/19 "2009-07-16T06:11:29Z")
> [@93dx--hatch](#): > > Can you buy a house in just your name even though your married? unfortunately, my income alone doesn’t cut it. ---
**Author:** ![Blue\_Eyed\_Devil](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/blue_eyed_devil/32/7292_2.png) [@Blue\_Eyed\_Devil](https://forums.speedlife.net/u/Blue_Eyed_Devil)\ **Post date:** [July 16, 2009, 6:14am UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/20 "2009-07-16T06:14:39Z")
So you are having a hard time because of your wife’s credit? Where have I heard that before?:banghead: Welcome to the party. [Next page](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595.md?page=2)