quote:
Your credit should be the main factor in deciding whether or not you go FHA loan or conventional. Both loan programs are good, but FHA will be more beneficial if you have a low credit. The conventional will be the better route for you to go if you have a high credit score. (this is based on mortgage insurance rates assuming you are putting less than 20% down.)

Agree, and you can still get a low down payment with conventional.

There is a Conventional 97 that lets you only put 3% down (just like FHA) and has better rates and lower PMI than FHA - but your credit score and income ratio needs to be better.

Also, I have heard from RE agents that preapprovals from FHA are put in the back of the pile when an offer comes in. They have a lower rate of actually closing once the deal goes into underwriting. Basically dealing with people on the cusp.

This post was edited on 12/10/18 at 12:59 pm

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Posted by lsujro

north of the wall

Member since Jul 2007

3926 posts

Posted on 12/10/18 at 1:01 pm to deeprig9

agree with others re FHA. I had one for my first home before the lifetime MIP change a couple years ago. It was just wasting a couple hundred bucks a month. I lucked out and sold my house without taking a loss, but i essentially rented for 3 years when it was all done.

I think you'd be better off waiting until end of your lease term and going month to month (even if there were a small penalty) to find the house.

Also, Colorado is awesome. screw the haters

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Posted by DreauxB2015

Member since Nov 2015

7739 posts

Posted on 12/11/18 at 7:19 am to deeprig9

Also , didnt they change PMI recently . Its now paid monthly the duration of the loan instead of the first 10 years . Is so , what a scam . Could be wrong that info came from the wife .

This post was edited on 12/11/18 at 7:20 am

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