DH and I bought our home in August 2020 using an FHA loan and a Missouri state down payment assistance program that essentially gave us a second mortgage equaling 4% of the purchase price. No payments are due, and if we don't refinance then the balance is forgiven after ten years.   We'll be eligible in February to refinance to a conventional loan due to prior Ch7 BK w/foreclosure. There's a local credit union with a product that doesn't require PMI that seems to have decent interest rates, although I'm not sure what rate we might qualify for in February. Also not sure what our mortgage scores will be in February, but when we bought a year ago they were in the very high 600s-low 700s and we've had no challenges since then. I was hoping for some advice on whether it's likely to be better to hold on to the FHA loan for the duration to achieve forgiveness, or whether it would be better to refi to remove PMI sooner rather than later. I'll list all of the DP'S I can think of, feel free to ask clarifying questions.   Originally financed ~$157k, current balance is ~$154k. Payment is $1140, of which $348 is taxes and insurance and $108 is PMI. Interest rate is 3.25%. DPA loan balance is $6400. Value when we bought was about $160k; it's approximately $180-185k now. The loan product I'm looking at does not require PMI above 80% LTV and has a current advertised rate of 2.875% with no mention of points. We're 40ish and ideally this is our home until we die or can't maintain it anymore.   Can anyone shed some light on whether I should even be considering refinancing, please? Thanks so much! ... View more

We closed today and were told that our mortgage will be serviced by US Bank. Does anyone know how they are? I've never dealt with them before. Thanks! ... View more

Has anyone else's closing been delayed due to a COVID diagnosis? Our closing is scheduled for Friday 8/14 and we've had no reason to think that it would be delayed....until I got the call today that I'm positive for COVID and am now under quarantine. I'll be released Thursday at the earliest depending on symptoms, but hubby's quarantine likely won't end until after our scheduled closing date and, worst case scenario, could possibly be another 14 days after I'm released. I sent an email to our RE agent and LO; RE agent called and said he'd call the title company and LO tomorrow to see if a remote closing is a possibility, but I'm not holding my breath. This just really sucks!! ... View more

Anyone else yet?   Purchase Price: $160,000 w/$4,000 seller concessions Down Payment: 3.5% from Missouri DPA program Product: FHA 30-year Mid-Score: 683 Rate: 3.75% due to receiving DPA Closing Date: August 14 Possible Issues: Foreclosure in June 2017 and Ch7 BK discharged in January 2018. We've been preapproved by our LO; he ran our info through AUS and got an automated approval and he doesn't seem worried. But max DTI is 45% and we're at 44.63%, mostly due to them using 1% of my student loans. We own a very small business that's been open barely two years and the business pays one of the auto payments, so we're banking on disregarding the business income and that auto payment to make our DTI work. We have a full year of the business paying the loan so LO says it shouldn't be a problem, but I have anxiety over EVERYTHING.   Our offer was accepted on June 26 and I think LO got started on everything yesterday, so I’m assuming that inspection and appraisal are the next steps, right? ... View more