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I thought I couldn't get a conventional loan.. I don't have 20% down
I get asked, or told, quite often that a buyer has been informed by another lender, Realtor, mother, brother or just the air, that they have to go with an FHA loan because they don't have 20% to put down.
FHA may be the best option for these people, but let's explore there situation real quick.
*First.. What do you have to put down?? currently with as little as 5% down a buyer can get a conventional loan with one time upfront mortgage insurance (This will save you the monthly MI payment and allow you to buy more home.)
*Second... What is your Credit score?  680 plus - GREAT- a 680 score is currently what is needed to qualify for the upfront MI insurance. ( below a 680 I can run a re-score scenario and look at the possibility of raising your score to a 680 in as little as 2 weeks)
That's it!  These are the two biggest items to look at.  It's pretty quick and easy to see if you can qualify for conventional financing verses FHA and possibly save yourself THOUSANDS of dollars, both upfront and monthly.
If you would like more information on which option may be best for you or your clients I'd love to talk with you about it!!
... more

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