wrote:
wrote:1. That will make the rates high with your score.
2. Income looks good. Is it just salary or with overtime and/or bonus?
3. 5% down is $17,500. Add an additional 3% of the sale price for costs
4. I calculate PMI to be around $420.00/month with that score and loan-to-value.
5. Payment with taxes just under 3%, HOI at $1,400 per year, and rate at 5% would be around $3,120.
6. You'd qualify easily with a conventional loan, but do you want to with that PMI that much per month?
1. Still plugging away at my score so hoping to see some more movement before we actually are ready to get "serious" about it and start lender talks.
2. Income is salary + guaranteed bonus, not factoring my upcoming 4% raise ~mid-march
3. That is roughly what I calculated too. Ideally, I would like to put down 20k or less and have reserves for closing costs as well in the event that I can't get seller-paid closing.
4-6. PMI is expected I guess, though I had no idea what to expect and I am sure it will vary until we lock in with a lender. While it super sucks to take PMI, its almost better than the alternative. We have paid 80k in rent since we moved into our rental in 12/2014. I'd rather pay PMI than keep paying rent like that. I know thats not what you meant or asked, just clarifying. 
At what point do we get to drop PMI? 20% equity in the house? Also, our tax rate is 3.2%. Just a small difference more than what was calculated but every bit makes a difference.
I put that price on the estimated mortgage because that is as high as I could even remotely guess we would go. There are much higher homes in our neighborhood but I also don't want to be house-poor. We are realistically trying to shoot for under 250k and still meet the bedroom and living space that we want.
1. Still plugging away at my score so hoping to see some more movement before we actually are ready to get "serious" about it and start lender talks.
2. Income is salary + guaranteed bonus, not factoring my upcoming 4% raise ~mid-march
3. That is roughly what I calculated too. Ideally, I would like to put down 20k or less and have reserves for closing costs as well in the event that I can't get seller-paid closing.
4-6. PMI is expected I guess, though I had no idea what to expect and I am sure it will vary until we lock in with a lender. While it super sucks to take PMI, its almost better than the alternative. We have paid 80k in rent since we moved into our rental in 12/2014. I'd rather pay PMI than keep paying rent like that. I know thats not what you meant or asked, just clarifying.
At what point do we get to drop PMI? 20% equity in the house? Also, our tax rate is 3.2%. Just a small difference more than what was calculated but every bit makes a difference.
I put that price on the estimated mortgage because that is as high as I could even remotely guess we would go. There are much higher homes in our neighborhood but I also don't want to be house-poor. We are realistically trying to shoot for under 250k and still meet the bedroom and living space that we want.
PMI automatically drops off at when original LTV is below 78%. You can request it to come off IF and only IF you pay for an appraisal to prove that you have 20% equity already. Get your score to $680 and your PMI will be lower by roughly around $100