Re: How can mortgage payment be this low?

In article <[EMAIL PROTECTED]>, Dana Compton
<[EMAIL PROTECTED]> wrote:

> >You can sometimes get around this with what I think is called a
> >10-10-80 mortgage.
> 
> Explain?


You'll get an additional loan for 10% of the mortgage so with a 10%
downpayment, you won't have PMI on the 80%. The 10% loans are usually a
higher rate than a fixed rate, and are often for, say, ten years. Some
are interest only for ten years.

A better deal would be some kind of state assist called a "soft
second," where the gov gives you a very good rate on 10% down if you
qualify for being lower income, or first-time buyer or buy in a
distressed area or something. Every state gov has its own version.

Ilene B