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Brianquigley
1888 Posts |
 Posted - 05/02/2008 : 3:10:30 PM
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Who else has this product besides M & I Bank.
Yes, no MI
The 3% is a buydown, that you would normally get as yield.
Unique product |
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jlmandl
142 Posts |
Posted - 05/02/2008 : 3:14:44 PM
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| I would love to know how they are pulling that one off. The only FHA loan I have ever heard of not having MI was <90LTV 15yr and even then it still had the 1.5% upfront just no monthly. |
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Brianquigley
1888 Posts |
Posted - 05/02/2008 : 3:15:29 PM
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| NO this is 100%, NO MI, FHA product |
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jfink46
321 Posts |
Posted - 05/02/2008 : 3:20:15 PM
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| I'm pretty sure M&I has a 100% conventional product (without declining market adjustments), but not FHA. I could stand corrected, though. |
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Brianquigley
1888 Posts |
Posted - 05/02/2008 : 3:21:01 PM
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| Nope, its FHA. |
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Brianquigley
1888 Posts |
Posted - 05/02/2008 : 3:21:34 PM
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| Yes they do 100% cash out as well conventional |
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lscalder
1178 Posts |
Posted - 05/02/2008 : 3:32:39 PM
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| who is M&I bank do you mean M&t Bank |
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nowbroker
1485 Posts |
Posted - 05/02/2008 : 3:39:33 PM
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The M and I is Marshall and Isley.
The 100% FHA loan is probably refering to Farmer's Home Administration (Rural housing guarantee loan) which does not have MI> |
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Brianquigley
1888 Posts |
Posted - 05/02/2008 : 3:40:50 PM
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| dude. 100% FHA |
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habsfan
602 Posts |
Posted - 05/02/2008 : 3:45:46 PM
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| has to be some type of portfolio product. fha requires up front mip, period. brain - can you post the product description so we can see it? |
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joeyostjr
185 Posts |
Posted - 05/02/2008 : 4:38:02 PM
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| I could be wrong but I have done a lot with M & I and they are all portfolio. I have seen that loan (100% no MI) come through my email but doesnt apply in AZ. |
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joeyostjr
185 Posts |
Posted - 05/02/2008 : 4:50:05 PM
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Here is the email that I got on 4/1. Nothing since.......
100% One Loan with NO PMI!
Check Out M&I's Portfolio A+ 1st Mortgage - 100% One Loan with No PMI!!
• Use the higher of either borrowers mid score for pricing,doesn't have to be PWE
• Need 660+ Mid score for borrower/625 mid score for co borrower
• Cash Out OK - No rate bump
• Recently Removed from the MLS OK!
• Up to 50% debt ratio
• 89.98% LTV to $500k loan amount - No rate bump
Call me today for pricing or fax in my attached submission form with your 1003 & GFE for pre approval. Turn time for pre approval is 24 hours. Thanks!!
Lindsey
Account Executive for CA, WA & OR
M&I Home Lending Solutions
Check out our website at: www.mihomelendingsolutions.com
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ZoolanderMSM
220 Posts |
Posted - 05/02/2008 : 4:50:48 PM
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| I just spoke with the rep. She said that's the USDA program that you're referring to. If she's wrong, I need a new rep. :) |
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Brianquigley
1888 Posts |
Posted - 05/02/2008 : 5:05:14 PM
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| IM waiting to hearback from the rep. I had the email earlier. shoot! |
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Quicksilver
4839 Posts |
Posted - 05/02/2008 : 5:35:06 PM
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| Thats gotta be a USDA loan or they have their own custom portfolio loan, not FHA. |
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Mtown
107 Posts |
Posted - 05/15/2008 : 09:18:41 AM
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So did anyone ever find out on this one? Was it FHA or a portfolio product...?
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jtm7332
512 Posts |
Posted - 05/15/2008 : 09:34:09 AM
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| I was pretty sure that M and I does not do FHA. |
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Ging
159 Posts |
Posted - 05/15/2008 : 09:38:37 AM
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right; and 100% sisa is back lol
FHA doesn't make deals with large lenders like happened with conventional. very little home work being done by people in the business after 01-02 who never did FHA previously |
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Brianquigley
1888 Posts |
Posted - 05/15/2008 : 09:45:32 AM
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| No clue |
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djorge44
1843 Posts |
Posted - 05/15/2008 : 10:16:58 AM
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M & I has a 100% cash out loan, it is a 30 year fixed 15 year baloon.
It has no MI. They do not do 100% purchases though, only 90% |
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Mtown
107 Posts |
Posted - 05/15/2008 : 10:33:34 AM
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FYI they don't lend in CA or HI.
They do:
Alabama Illinois Minnesota Ohio Vermont
Arizona Indiana Missouri Oklahoma Virginia
Arkansas Iowa Nebraska Oregon Washington
Colorado Kansas Nevada Pennsylvania West Virginia
Connecticut Kentucky New Hampshire South Carolina Wisconsin
Florida Maine New Mexico South Dakota Wyoming
Georgia Maryland North Carolina Tennessee
Idaho Michigan North Dakota Utah
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