Posted on: 31st Jan, 2010 10:36 am
I have a 748 Fico
buying my first home, have 5% down I am in Utah, I am told that this is a declining market however, i DONT want to go FHA and pay MI both monthly AND on the loan.
buying my first home, have 5% down I am in Utah, I am told that this is a declining market however, i DONT want to go FHA and pay MI both monthly AND on the loan.
Hi,
You have an excellent credit score of 748. But getting an 80/15 loan is not possible in this economy. If you have a down payment of 5%, an FHA loan seems to be the best possible loan option for you. It's true you'll have to pay a mortgage insurance premium (MIP) on an FHA loan. But even if you go for a conventional loan and make a down payment of less than 20%, you'll have to pay private mortgage insurance (PMI).
You have an excellent credit score of 748. But getting an 80/15 loan is not possible in this economy. If you have a down payment of 5%, an FHA loan seems to be the best possible loan option for you. It's true you'll have to pay a mortgage insurance premium (MIP) on an FHA loan. But even if you go for a conventional loan and make a down payment of less than 20%, you'll have to pay private mortgage insurance (PMI).
Don't listen to these weak brokers. There are banks that still offer 95% financing, you can possible make the offer with the seller holding a 15% LTV second and do an 80/15/5. Also, there are banks that will still do after closing 90 to 95% helocs.
If you are a professional, Doctor, Engineer, Attorney, etc. you may be able to do 100% . You may also qualify for 100% USDA.
If you are a professional, Doctor, Engineer, Attorney, etc. you may be able to do 100% . You may also qualify for 100% USDA.
There are still several of us that do piggy back loans up to 90-95%. Do your research.
