Can I get PMI on both mobile home and land?

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PostPosted: Mon Nov 25, 2013 7:30 am   Post subject: Can I get PMI on both mobile home and land?  

The mobile home is pretty much depreciated as far as I can see. My spouse and I don’t have the required 20% down payment. We can get 10% in a pinch and the asking price is 63300 for both house and land.


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JordanM
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PostPosted: Mon Nov 25, 2013 12:58 pm   Post subject:   

You need to discuss this with a possible mortgage company. PMI is insurance that your mortgage company has you pay for in order to protect their interest. If it can be obtained depends entirely on your mortgage company.



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PostPosted: Tue Nov 26, 2013 4:35 am   Post subject:   

Mobile home lending is among some of the most risky loan propositibns around town. Good luck getting anything like PMI for that. But PMI is not for your home or land, it is for the lender's protection if you default on your loan.



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PostPosted: Tue Nov 26, 2013 6:06 am   Post subject:   

No, Private Mortgage Insurance (PMI) is a special type of insurance that a lender requires when you have down payment less than the required 20%. But I was wondering if this is possible in this case where it’s a mobile home since home value always appreciate and mobile homes depreciate.



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PostPosted: Tue Nov 26, 2013 11:51 am   Post subject:   

Quote:
since home value always appreciate
You see, Mango . . . this is where you and your guru Suze have it wrong.



Where have you been these last five or six years?



Tell that crap about "always appreciate" to all the folks who have been foreclosed on because they bought homes they could not afford with mortgages they never should have qualified for, that lost value when the whole house of cards came crashing down in 2007-2008.



There are plenty of folks across America who are waiting for the day that their depreciated home value will be restored to what their current mortgage balance is. Only fools, realtors, bankers, and Suze believe that homes always appreciate in value.



I should probably add Ric Edelman to that list, because people who read his 1999 book The New Rules of Money and believed his sorry advice -- something he won't talk about on his radio show -- which was to carry the largest home loan you could get and never worry about paying it off since the loan interest is deductible, are among those who no longer have a tax deduction or a roof they "own" over their heads, too.


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