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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: NOW who wrote (227310)3/11/2003 9:02:55 PM
From: benwood  Read Replies (1) of 436258
 
Speaking of mortgage shenanigans, my sister tells me that she and her husband are avoiding PMI by taking a loan called an 80/20. It is an 80% first mortgage, with the 20% down payment provided by a revolving 2nd mortgage to the same mortgage firm. They are actually putting 0 down for this new construction -- no down payment, no points, no fees, no equity, nothing except signatures & decent credit. Amazing...
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