PMI based off of 20% of appraisal or loan amount?

Is it the same for an FHA loan?

If you can afford to put 20% down why would you get an FHA loan?

FHA loans now require PMI for the life of the loan.

Actually, the loan officer is pushing FHA due to the lower interest rate. It does look like there is an additional $3500 FHA fee though, so the lower interest rate isn't as great as it sounds.

I can do 20% of either the 225 or the 245, but there is about an 16k difference in the 2 and I planned to use that toward student loans.

I am wanting to stay with chase because if the low closing costs, but it looks like I definitely need to do more shopping.

Yeah, chase is starting to look a little bad. Lol. Chase told me my wife's score of 690 would hurt the interest rate because if mine being 790; I called GMFS this morning and the gentleman told be it would effect the rate be about .5%.

impounds(escrows) are counted against the DTI no matter what.

thats FHA rate is stupid High. FHA should be 3.875% a anything under 4.5% conventional is really good. GMFS closing cost are high but if they deliver the rate it might be worth it.

If you can afford it, go conventional. We shopped around outside of Chase and didn't anything good enough to justify having another account with a different bank. Any broker is just going to sell the loan right away anyway. Chase also does 1% of interest payback each year, which is a small incentive.

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thats FHA rate is stupid High. FHA should be 3.875% a anything under 4.5% conventional is really good. GMFS closing cost are high but if they deliver the rate it might be worth it.

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If their rate offsets the additional closing costs, I will probably go that route. Having to pay 20% of the loan amount instead of the appraisal was a bit of a curveball to me.

My initial plan:
House appraisal 245,000
Already agreed purchase price $225,000
Put down 40,000 which would have met 20% of appraisal and all closing costs, insurance, etc.
Pay off student loans with the rest.

Now I may seek what legal forms my relative can provide. Something like a pay more for the house but he pays the closing. My current plan is derailed by about 16,000 due to meeting 20% of the actual loan. Either way I can swing it, just wanted to get away from the 7.125% student loans.

If I am correct, the seller can pay up to 6% of the sale price toward closing costs and etc. Is there a legal amount the seller can give me toward upgrades? I was thinking of the possibility of purchasing the home for 240,000 let my relative pay the closing costs and give an allowance for updating the flooring, counters, appliances.

what type of relative? you might be able to do a non arms length loan. the seller can pay up to 3% on a conventional loan or 6% on an FHA loan