Your Mortgage Approval/Denial Stats...what happened for you?

[Anne1208]

@dpeezy, also FHA limits in our part of the country are $270k.  We will be buying for more than that

[frugalQ]

the rate card is a matrix.  you need to know the loan amount, the downpayment %, and your credit score to get the correct rate.  to keep it simple, use the 'fixed rate non-refundable' side...and use the color coding at the bottom for 'standard agency coverage requirement'.

Let's use this example.  You have a 640 mid score, and you are putting 10% down on a 100,000 home.

Purchase price:  100,000

Downpayment %age:  10%  (this is the same as 90% LTV)

Loan amount:  90,000

score:  640

1st find the annual PMI amount based on the loan amount and annual PMI rate:  90,000 x .0071 = 639  (.71% is the PMI rate taken directly from the matrix using the LTV, credit score, and standard coverage for loan > 30 yrs)

2nd find the monthly amount by dividing the annual amount by 12:  639 / 12 = $53.25

In this example, the monthly PMI will be $53.25.