kasowell wrote:I want to know what is the lowest Fico score to get the best interest rate. In other words what is the minimum score that when a mortgage broker sees your score he/she will be so happy to do business with you because he knows that there will be no problems getting a mortgage done and that the interest rate will be good?
I apologize for hijacking this post but I had a question. Shane, you said that if the LTV is 90% on an FHA loan then you don't have to pay PMI. Does this mean that if I put 10% down on an FHA loan I would not be required to pay PMI on the loan?
Thanks as always for your help and patience!
reformedfamilyman wrote:Shane: FHA loans have PMI unless the LTV is 90% or below & you are also doing a loan term of 15 years or less. PMI on FHA is required to be paid for 5 years before you are eligible to remove it.On the site for PMI that was posted last night (MGIC?), it showed a tack on fee of an extra .01% of PMI to make it refundable. Would that mean that adding it would allow you to get out of that 5 years as well? We're planning on paying off the mortgage within a few years after purchase so having to pay PMI even if we own 20%+ of the home to owning it outright is a bit irksome.