PMI and 90% LTV

[Anonymous]

First off, allow me to thank everyone here for all of the insight I've gained into mortgages the past few months!

I just talked with my mortgage broker and got some good news and bad news about a new-build house we just signed on this weekend. We got pre-approved for a $315K mortgage ($350K house, 10% down) - that's the good news. The bad news is that with current credit scores (620 range), we won't be able to get PMI because we live in Arizona. Apparently the minimum score for PMI in Arizona is 720, so that means we need to come up an additional $35K in the next six months, short of a credit score miracle.

Is anyone aware of other options (80-10-10) or private money that will allow us to purchase our home without saving $35K between now and July? What makes this especially frustrating is that we waited until we sold our existing house before purchasing this new one... If I had known this was going to happen to us, I would have delayed the whole process.

Thanks in advance for your guidance and thoughts!

[Anonymous]

is FHA not an option?

[DallasLoanGuy]

what are fha loan limits?

if you dont know how to look it up.... give us the county 

[Anonymous]

Unfortunately FHA isn't an option. The limit for Pinal County is ~$271k so that won't work. Is there any truth to a rumor my broker heard about the limits possibly being reset to 2008 levels? I read where Sen. Frank wants to increase the maximum FHA loan back to $729k but that won't help me unless it brings up maximum loans here in Arizona as well...

[BrianB_The_Loan_Professor]

Have only heard that the streamline refi will be allowed to use the old limit. I wouldnt count on it.

Good Luck

Brian