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@Malita719 wrote:
11 yrs is still a long time. Lol. Why wouldn't someone go conventional with that amount down?
maybe becasuse their credit doesnt qualify for conventional hey
@Malita719 wrote:
11 yrs is still a long time. Lol. Why wouldn't someone go conventional with that amount down?
There are many reasons. LTV is but one of them. Some examples are dti, credit scores, employment type, type of property, etc. etc.
@ezdriver wrote:
@Malita719 wrote:
11 yrs is still a long time. Lol. Why wouldn't someone go conventional with that amount down?There are many reasons. LTV is but one of them. Some examples are dti, credit scores, employment type, type of property, etc. etc.
Agree 100%^^^
Also, especially now, some people have had bankrupties or foreclosures or other major derogatory events in the past and the time period from the major derog and the new mortgage is generally shorter (by several years in some cases) with a new FHA mortgage rather than a conventional mortgage. This reason is the one I have found that influences many buyers today.
Sometimes it is score related as mentioned by EZ. If your score is lower than 680, you may end up with a less expensive mortgage payment overall going FHA. The best way to determine this is to have your LO run the figures for you both ways - conventional and FHA and compare the two.