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#81049 - 05/16/03 03:38 PM PMI Collateral
Kari Offline
100 Club
Kari
Joined: Sep 2002
Posts: 131
PA
Can we accept additional collateral in the form of additional RE (IE: Second home) or CD funds in place of cash down on a home purchase? Can a mortgage be done with a blanket lien on 2 properties and base the loan/value on the loan request amount as the % of the combined value of both properties. If this is sufficient with both the properties (collateral for down payment) must the borrower still carry PMI?

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Lending Compliance
#81050 - 05/16/03 03:52 PM Re: PMI Collateral
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,291
Galveston, TX
You may use multiple pieces and forms of collateral to stay under the supervisory LTV limitations.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#81051 - 05/16/03 03:58 PM Re: PMI Collateral
Kari Offline
100 Club
Kari
Joined: Sep 2002
Posts: 131
PA
Thank you. That is what we thought, but trying to find specifics in available PMI information is difficult. Thanks again, you are a life saver!

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