FHA with 20% down

[Anonymous]

We are looking at a home that before the decline sold for almost $600k now the bank is letting it go for $350k if we went with an FHA and had the 20% down would we still have to pay mtg insurance?  Because of the loan to value?

[Anonymous]

I am pretty sure I have read here that you have to pay the mortgage insurance for 5 years no matter how much you put down with FHA. That's why I went conventional.  Someone will correct me if I am wrong, but I'm almost positive that's the rule.

[Anonymous]

I believe FHA is requiring PMI for all their loans now, no matter the LTV. Could be wrong.

[DallasLoanGuy]

30yr amortized loans. 5yrs or until you pay down to 78%. Whichever is longer.

15yr amortization = no pmi with 10.01% down

[Anonymous]

I don't have an answer to your question, but I'm just curious what the benefit to going FHA is if you have 20% to put down and could go with a conventional mortgage without PMI.  Am I missing something?

[Anonymous]

Experian fico was 601 with 3 30 days in the last 2 years 2 on a cc and 1 on a lease vehicle, we also have a key derog medical bill which has been reversed cause it was in error but could take 90 days ( lender will call and get a re - score )  we only have 2 installment loans less than $500 / month and income over $80k and 2 credit cards with zero balance.  Not sure why fico is so low got it off of freecreditreport.com we also have over $20k in savings so we thought we were in great shape but the fico at least the one from experian is low..

[Anonymous]

We are just waiting on the financial end to list our house cause we don't want to be homeless we are lucky in our zip code there are no comparable homes like ours because the others have sold so quickly,  with the 20% down we will have enough left over to pay an installment loan off which will make our total payments minus mtg down to $170.   Maybe I should try another bank the 3 homes we are looking at are all owned by banks 2 by credit unions and 1 by Wells Fargo,  do you guys think it would be easier to go through one of the CU homes?  

[TerrenceATL]

The experian score you have is not your real fico score, it is fake and therefore referred to as a FAKO score. The only place you can get your real scores that lenders see is here at myfico. Experian has cancelled their agreement here so you can't get that one anymore but you can get your Transunion and Equifax score here. Your lender can get your real experian score for you. Also if you have 20% down, as the previous poster suggested you should go conventional with no pmi. You won't get the best rate now if your scores are low on all credit bureaus but you won't pay pmi and you can always refinance later after your scores improve.

[recoverychick]

At least it's tax deductible. Good luck!