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re: FHA loan and Rural Development
Posted on 6/20/13 at 12:42 pm to Cincinnati Bowtie
Posted on 6/20/13 at 12:42 pm to Cincinnati Bowtie
min credit score for for VA is 580 but you cant find a bank or lender to touch under 640..
0
Posted on 6/20/13 at 2:22 pm to tdavi48
How long are you planning on staying in this house?
I just bought a house in BR so I couldn't qualify for RD. I had to choose between FHA and Conventional. I figured I was going to live in this house for 5 years and ran the numbers. FHA would have been a 6500 down payment with a 1225 monthly note. Conventional is a 9400 down payment with a 1050 monthly note. After running the numbers I decided to go ahead and put down more so I can save in the long run and have a lower monthly note.
TLDR: Estimate the time you will be living in the new house and run the numbers from there comparing down payments and monthly notes
I just bought a house in BR so I couldn't qualify for RD. I had to choose between FHA and Conventional. I figured I was going to live in this house for 5 years and ran the numbers. FHA would have been a 6500 down payment with a 1225 monthly note. Conventional is a 9400 down payment with a 1050 monthly note. After running the numbers I decided to go ahead and put down more so I can save in the long run and have a lower monthly note.
TLDR: Estimate the time you will be living in the new house and run the numbers from there comparing down payments and monthly notes
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