Hi All,
I'm really hoping you might be able to shed some light on mortgage qualification. I'm frustrated because I am searching for a home in the greater Boston area and prices here are very high, to get anything decent you really need to be able to afford at least $600k for a 3 bed, 2.5 bath single family. I've been preapproved for an FHA loan with PMI up to $550k, but I'm really hoping to find a solution that offers an option that can get me to $600k or avoids PMI all together! Here are the specifics of my situation
Annual Income: $190,000
Current D/I: $10%
Down Payment: $40,000
Credit score is ~650 today but I'm paying down my revolving debt, so my utilization should be <15% by the end of May, and several major baddies fall off my report in the next 60 days. Which should increase my score to 700+
Are there any programs out there where I can avoid PMI or qualify for up to $600k. My search suggests no but I figured I'd ask anyway.
Starting Score: FICO TU 503 FICO EX 470 FICO EQ 498