Conventional 97% LTV mortgage lenders?

[Anonymous]

Thanks - I am at 656 midscore range right now.  I plan on purchasing a condo that will allow me to have some write-offs that I don't currently have renting - I end up paying the IRS over $3K in taxes right now.

I figured a condo is doable for me as a single woman; and I'll be paying $400 less for a mortgage payment than I currently pay for rent (including taxes and HOA fees) and I get tax relief!

[Anonymous]

Sounds like a great plan!

Not all condos are approved for FHA loans, but if yours is... is there any reason you wouldn't want to go FHA?

[Anonymous]

The condo is a good deal because it's fully furnished  (living room, 2 bedrooms and dining room have nice furnishing, she left the dishes, pots & pans, glassware and silverware too!), the seller recently renovated kitchen with granite countertop and new appliances, bathroom has new tiling and fixtures and she installed hard wood flooring in living room and hallway and left the materials to install flooring for the two bedrooms.  She's starting over after a divorce and so am I - so having the furniture was a bonus - All this was under $100K - so it was too good to pass up.

Unfortunately, the condo is FHA approved, but when they did the condo questionnaire in April - the Owner/Rental occupancy ratio was too low for FHA approval.  I worked my fanny off to bring my score from 590 up to 656 since then.  The seller gave me the additional time (she extended the date to the end of July) which was nice of her, and I moved in and am renting until I could get my scores up for a conventional.

I don't think I can get my scores any higher before time runs out!

[aymst1]

Just do a google search. Fannie Mae lenders + your state. That's what I did.

[Anonymous]

Hi dpeezy. I know this is an old thread, but I am hoping you can assist since you seem very knowlegeable. I found this thread researching 97% LTV loans which I heard of yesterday for the first time.  I didn't know they existed and planned on going the FHA route until I realized our upfront MIP cost would be between $3600 and $4000. Plus there seems to be an annual MIP as well or am I mistaken?  

My middle credit score is 820, my husband's is 800.  We have no debt at all outside of our cars which will be paid in full by next year.  We plan on putting down 5% and are looking at homes priced between $500,000 and $550,000.  We plan on growing old in this house do not intend to move any time soon.

Thanks in advance for any advice you can provide.  

[Anonymous]

Northwest Federal Credit Union provide 97% LTV mortgage and 100% mortages. 

It was easy to join them. I didnt have to be a federal employee. 

Im doing 97% LTV mortgage, and My PMI is $ 134.00....220K home