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Hi all-
I need some advice. I am just over 3 years out from a BK7 (discharged April 2012). Last June, I closed on an FHA mortgage at a fixed 30 yr rate of 4%, paying $226 per month in PMI. Since the PMI rate was reduced in January, I have been working to get refi my loan to take advantage of the lower PMI. I was told by my loan officer that my FICO scores needed to have a mid score of 640 to take advantage of good rates. The versions of my scores here on myfico have my mid score at 656, but I know that there is a different version for mortgages. Unfortunately, that mid score came in at a 629.
After paying down some card balances, which were high because we needed to put $ into the house over the past year, she ran a simulation which said my scores would rise into the upper 640's. She pulled the new report today, and it came in at 639. Ugh.
So I guess what I need advice on is... will I be able to take advantage of the lower PMI rates? I feel like I am burning $ each month unnecessarily. Is there a good way to do this without being a a 640? If not, are there good ways to raise my scores up a couple of points? Should I be loyal to the broker who helped me get into my mortgage last year, or should I be actively shopping around? And with a mid score of 639 and a BK7 on my recored, would shopping around make any difference? Am I stuck?
Thanks for the input!
George
Every lender has its own requirements. Check with several lenders.
Any recommendations of how to find a good broker who can work with someone looking for an FHA in Massachusetts and with a BK7 on his record that is 3+ years old?
will send you pm now
Try Prospect Mortgage. They were great to me. Todd Zukowski was my broker