# 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:** 2
**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, 6:18am UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/21 "2009-07-16T06:18:23Z")
lol. Yeah. i figured they’d over look it because mine is great and we have very sufficient income… i have bank of america working for me now… lets see if a bailed out super bank can help me… they’re experts at risk… ---
**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, 6:52am UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/22 "2009-07-16T06:52:00Z")
Good luck :tup: ---
**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 16, 2009, 6:55am UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/23 "2009-07-16T06:55:00Z")
bank of america has so much garbage in their portfolio right now that I’d hope they learned their lesson and went in the opposite direction. However, they probably didn’t. There has to be a way around it. Is it possible to take out a PMI policy in just your name and the mortgage in both? I’ll loan you the 20% down at 10% APR… ---
**Author:** ![duck](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/duck/32/7183_2.png) [@duck](https://forums.speedlife.net/u/duck)\ **Post date:** [July 16, 2009, 6:57am UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/24 "2009-07-16T06:57:07Z")
can you get a cosigner/guarantor? my bank screwed up the process right before closing, so they had to redo all the paperwork and there wasn’t enough time to set up PMI… so I had to put 20% down or lose the 10% deposit. Completely wiped out our savings. We’re slowly saving up again. It’s nice not to have the PMI payment, but there have been plenty of surprises along the way (taxes, landscaping, new driveway) that have wiped out our savings time and time again since and it’s only been 7 months! We also had to commute together in our one car because we couldn’t afford a second one without dipping into the savings again (bought a 2nd car last week, but that’s 0% down and 0% APR) I would seriously reconsider the house if you’re going to have no savings left. For a while I wished we gave up the 10% and moved on. If you have the time before closing, get a cosigner if the bank says they will then give you PMI. You can take them off the deed the next day. But getting them off the mortgage is much harder so might as well wait til the interest rates drop to do that. ---
**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, 7:08am UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/25 "2009-07-16T07:08:17Z")
> [@Joe](#): > > bank of america has so much garbage in their portfolio right now that I’d hope they learned their lesson and went in the opposite direction. However, they probably didn’t. > There has to be a way around it. Is it possible to take out a PMI policy in just your name and the mortgage in both? > > I’ll loan you the 20% down at 10% APR… lol. Deal. if you’re serious, we may be able to make a deal. ---
**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, 7:09am UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/26 "2009-07-16T07:09:22Z")
> [@duck](#): > > can you get a cosigner/guarantor? > > my bank screwed up the process right before closing, so they had to redo all the paperwork and there wasn’t enough time to set up PMI… so I had to put 20% down or lose the 10% deposit. Completely wiped out our savings. We’re slowly saving up again. > It’s nice not to have the PMI payment, but there have been plenty of surprises along the way (taxes, landscaping, new driveway) that have wiped out our savings time and time again since and it’s only been 7 months! We also had to commute together in our one car because we couldn’t afford a second one without dipping into the savings again (bought a 2nd car last week, but that’s 0% down and 0% APR) > > I would seriously reconsider the house if you’re going to have no savings left. For a while I wished we gave up the 10% and moved on. If you have the time before closing, get a cosigner if the bank says they will then give you PMI. You can take them off the deed the next day. But getting them off the mortgage is much harder so might as well wait til the interest rates drop to do that. Yeah if we put 20% down, our savings are gone… so we don’t want to do that… Bank of america still working numbers, so… _crossing fingers harder_ ---
**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 16, 2009, 7:14am UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/27 "2009-07-16T07:14:15Z")
> [@redZ](#): > > lol. Deal. > > if you’re serious, we may be able to make a deal. How much is 20% and how long would you be looking to borrow for? ---
**Author:** ![slow84ta](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/slow84ta/32/7265_2.png) [@slow84ta](https://forums.speedlife.net/u/slow84ta)\ **Post date:** [July 16, 2009, 7:17am UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/28 "2009-07-16T07:17:01Z")
See if banks in NY do Tail loans, Thats where they use the equity of the home to get out a “2nd mortgage” to pay for the down payment… I personally would just say pay the 20%, we did when we bought our house in March. Plus if your a first time home buyer don’t forget that you can do an amendment to your 2008 taxes and get a 8k check. Takes about 12 weeks after you amend, My wife and I just got ours. :tup: ---
**Author:** ![dubbin91](https://avatars.discourse-cdn.com/v4/letter/d/ecccb3/32.png) [@dubbin91](https://forums.speedlife.net/u/dubbin91)\ **Post date:** [July 16, 2009, 8:32am UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/29 "2009-07-16T08:32:12Z")
Seems like some of you people that own houses or are trying to buy are should not be buying at this time in your financial life. ---
**Author:** ![Maksim2000](https://avatars.discourse-cdn.com/v4/letter/m/dec6dc/32.png) [@Maksim2000](https://forums.speedlife.net/u/Maksim2000)\ **Post date:** [July 16, 2009, 12:20pm UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/30 "2009-07-16T12:20:42Z")
You can put 10% down, then take it back out as an equity loan, and then put it back in to get to 20%. So then you have to pay your mortgage and the HE, but no PMI. Edit: Same thing as slow84ta’s suggestion ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [July 16, 2009, 12:36pm UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/31 "2009-07-16T12:36:52Z")
I thought nobody would give you a equity loan until you had 20% in, and then after that they only loan based on your equity beyond that 20%. (what a guy at the gym who tried this just told me) ---
**Author:** ![dubbin91](https://avatars.discourse-cdn.com/v4/letter/d/ecccb3/32.png) [@dubbin91](https://forums.speedlife.net/u/dubbin91)\ **Post date:** [July 16, 2009, 12:43pm UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/32 "2009-07-16T12:43:25Z")
> [@Maksim2000](#): > > You can put 10% down, then take it back out as an equity loan, and then put it back in to get to 20%. So then you have to pay your mortgage and the HE, but no PMI. > > Edit: Same thing as slow84ta’s suggestion :banghead: ---
**Author:** ![JustinH](https://avatars.discourse-cdn.com/v4/letter/j/9fc29f/32.png) [@JustinH](https://forums.speedlife.net/u/JustinH)\ **Post date:** [July 16, 2009, 12:49pm UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/33 "2009-07-16T12:49:42Z")
> [@JayS](#): > > 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. Not really true, I got a SONYMA loan a year and a half ago. The limit was something like $44.5k/year. I guess that means I’m ghetto fabulous in West Seneca. I would work the angle to get the loan in your own name if her credit is not good enough, or get more money in the bank. M&T did our loan, I was told they do a good number of SONYMA loans. Before I heard of the program, I had applied at bank of america, and I was less than impressed with the woman I dealt with (a lot of garbage fees, etc). ---
**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, 12:55pm UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/34 "2009-07-16T12:55:58Z")
Keep in mind the rules are changing and it is getting tougher to get a mortgage. ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [July 16, 2009, 12:56pm UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/35 "2009-07-16T12:56:58Z")
the sonyma limit is only 44k for the “achieve the dream” plan, the normal low interest rate deal is/was 67k w/ a rate of 5.25% as of today, no points, 3% down. ---
**Author:** ![JustinH](https://avatars.discourse-cdn.com/v4/letter/j/9fc29f/32.png) [@JustinH](https://forums.speedlife.net/u/JustinH)\ **Post date:** [July 16, 2009, 12:57pm UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/36 "2009-07-16T12:57:21Z")
> [@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. We financed ours for 102% @ 5.5% 30 year fixed under SONYMA. I do pay PMI, but am closing in on 90% Loan to Value after 1 year, so I’ll get that PMI off my payment in a few years. I think my PMI payment is 24 bucks a month, and that is tax deductible. I came out of pocket with less than 2 grand, and walked away with a check at closing for $600, then a year later, I walked away with a escrow refund of 3 grand. I also got the $5000 SONYMA first time homebuyer grant. That paid all closing costs, including inspection, and attorney fees. Then I got the 10% First Time homebuyer stimulus money ($6000), but unfortunately I have to pay mine back over 10 years. I bought too early. Its a 2 family investment in West Seneca, I rent the upper, and that pays the entire mortgage with taxes/insurance escrowed into it. I used some of the stimulus money to buy new windows, and remodel the home to get it rented. But so far it has been a good investment. If you have to live in WNY, I mine as well live in a home that someone else makes the monthly payment on it. ---
**Author:** ![chino](https://avatars.discourse-cdn.com/v4/letter/c/bcef8e/32.png) [@chino](https://forums.speedlife.net/u/chino)\ **Post date:** [July 16, 2009, 12:59pm UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/37 "2009-07-16T12:59:45Z")
> [@93dx--hatch](#): > > Can you buy a house in just your name even though your married? yep. and i can’t believe you got denied PMI… thats like free fuggin money for them. sounds like you are over-reaching on the house and you might want to aim lower… just my $.02 ---
**Author:** ![JustinH](https://avatars.discourse-cdn.com/v4/letter/j/9fc29f/32.png) [@JustinH](https://forums.speedlife.net/u/JustinH)\ **Post date:** [July 16, 2009, 1:02pm UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/38 "2009-07-16T13:02:05Z")
I would talk to another bank seriously. Bank of America jerked me around, and I had a 740 credit score at the time. PM me, I’ll dig up the guy I worked with at M&T. He works at the office downtown, and knows his shit. I think he was one of the floor managers. ---
**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 16, 2009, 2:09pm UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/39 "2009-07-16T14:09:33Z")
> [@JustinH](#): > > If you have to live in WNY, I might as well live in a home that someone else makes the monthly payment on it. +1 to that! ---
**Author:** ![Maksim2000](https://avatars.discourse-cdn.com/v4/letter/m/dec6dc/32.png) [@Maksim2000](https://forums.speedlife.net/u/Maksim2000)\ **Post date:** [July 16, 2009, 2:22pm UTC](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595/40 "2009-07-16T14:22:48Z")
> [@dubbin91](#): > > :banghead: I’m not saying it is great idea - but It’s been done before - ends up being roughly the same as PMI, but without the need to do anything once you get to 20%… [Previous page](https://forums.speedlife.net/t/buying-a-home-denied-pmi-what-recourse-do-i-have-other-than-putting-20-down/70595.md?page=1) [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=3)