12-26-2012 10:21 AM
Hey folks. Can someone give me some feedback on what most people look at in terms of APR, Interest, PMI, etc. on an FHA loan for the following situation? I am seriously considering purchasing a home this summer but want to see what others think. I don't have a "set" range for a home but would think that I want to keep it under $135K. I live in Waukesha, WI.
Current FICO score: 723, Income: 55K base +6k avg bonus, CC debt: 0, Auto Loan: 12,500. I have little money to put down as most of my discretionary money goes to retirement funds (401k, IRA & VUL). Any thoughts or insights on what costs/rates I'd be looking at? Any help is appreciated! Thanks!
12-26-2012 11:20 AM
Any reason why you want to go FHA? you are a perfect fit for conventional.
With FHA you are probably lookn at a low 3.25 rate or so. I think PMI would be like 130ish a month.
You go conventional, you could get the PMI gone.
12-27-2012 10:16 AM
I'm honestly tired of renting and getting that "itch" to own a home. I was thinking of FHA because I only have about 5K saved for a down payment. I could wait another 2 years or so but the time just seems right and I don't want it to pass me by.
12-27-2012 05:01 PM
That is even more of a reason to go conventional, the 3 percent down with conventional is cheaper than the 3.5 percent down with FHA.
Toolman - are you sure? I thought the 3% down payment applied strictly to fannie mae conventional loan for a fannie mae foreclosure. Otherwise the minimum is 5% down for a regular conventional loan.
12-28-2012 09:23 AM
Wow. 3%? In all my time on the Forums, I have not seen that. Although I havn't spent much time on the mortgage threads. So the 3% down is only available to FM forclosures?
12-28-2012 09:30 AM
Its 3 percent down for their standard guidelines on a regular home purchase.
You need a 680 score, 3 percent down. yada yada yada yada.
I know a guy who just bought a home a couple months back and did it. He was way over the FHA loan limits so he had to go conventional since he didnt have a ton of cash on hand.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.