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Sorry for the kinda clickbait subject. We technically got screwed but only for a short time.
My wife and I just got pre-approved for a MassHousing mortgage with 3% down and no PMI last week. Our area max salary to qualify was $97,335. We came in at $96K in base salary. The very next morning I check my bank account and notice my pay is about $40 more. I go to work and find out lower management received surprise pay raises between $1-2 an hour. Are you freakin kidding me? This brought our annual base pay to $97,860
All we qualify for now is a 5% down conventional mortgage( We need to contribute $5-6K more to our down payment which will cut severely into our reserves so we have to save a few more months)
FHA: not really the best idea for low debt high credit score people
USDA: I would love this loan but the towns that qualify have houses that are 20% more and slim pickings. Houses that are $269K in my small city are $300-$310K in the suburbs.
FHA: not really the best idea for low debt high credit score people
Maybe, maybe not....FHA rates are about a 1/2 point lower, you didn't say how high your FICO score is, but 5% down conventional MI rates are not that far off from FHA MI...I think that your payment could probably be about the same. Have you had your LO work it up to see?
Depending on how "Hot" your local market is the it may be better not to wait.
Thanks,
Yes it i does, but your not going to be in the loan for 30 years, so "The life of the loan" part is irrelevant, you will re-finance out of it as soon as you have 20% equity in the property....and in a hot market, I've seen it happen in less then a years time....YMMV
Thanks,