Hoping to hear from the bank and update my scores

[Anonymous]

Like the title says, I'm waiting to hear back from the bank about a mortgage. I figured now that I make good money, I can afford to buy a house without struggling, plus with my age, I can be without a house payment when I go to retire.

Just wondering what y'all might think about my situation. Income is $46,700 per year, without any overtime, credit scores are as follows:

TU 8 646

EQ 8 627

EX 8 648

TU 4 620

EQ 4 614

EX 4 622

The only baddies I can think of is one late payment on my Cap1 last year and then about 1.5-2 years ago, my student loan(s) were 60 days late. Bad part about the student loans is that even though it's only 1 monthly payment, because it's part subsidized and part unsubsidized, it comes up as two late payments.

I'm trying to get a mortgage for about $130,000 max.

And does anyone know the typical requirements you have to meet to get first time homebuyer FHA loan with no money down?

[Anonymous]

The only way to get a zero-down FHA loan would be with a grant or downpayment assistance program. You can also get gift funds from a relative to cover the downpayment.

[Anonymous]

Ok I'll have to ask about that. The mortgage company is gonna call me today with some sort of news so fingers crossed for good news

[Anonymous]

Well the mortgage company called back today and I was approved for $125,000 @ 3.75% with an FHA Loan. Maybe not the greatest interest rate, but I can finally own my own home.

[Anonymous]

Also, I know PMI is small part of your mortgage, at what point do you not need to have mortgage insurance?

[Anonymous]

3.75% is a good rate. With an FHA loan, if you put down less than 10% you will have mortgage insurance for the life of the loan. If you put the minimum 3.5% down on a $175k purchase price, your monthly mortgage insurance will be just under $120/mo.

[damnedanddetermined]

DPeezy~ can you give us all some info on these down payment programs and where to find them, qualificatons, rules, etc

[Anonymous]

So say, down the road, I have 25% equity and I get tired of having to pay PMI. Can I refinance and get it out of my payment and probably have a lower payment?