Mortgage insurance a huge deal

Well we knew that this would be an issue sooner than latter. Agents and buyers. if you are getting a conforming loan and are NOT putting 20% or more down please pay close attention. if you have a FICO/Credit score of less that 700s this is for you. You may not be able to get mortgage ins and be forced to take a FHA loan. Now FHA is not the worst thing to happen to borrowers, in fact its a good loan with safe guards for the buyers to not get stuck in "the money pit". if your scores are less than 700 please make sure you ask to see the mortgage insurance commitment prior to releasing the loan contingency or you could end up with an issue at closing. Like mortgage insurance rates much higher then expected or worse no mortgage insurance at all and now have to switch to a government loan. This is a cautionary tail so please be sure to be informed on the MI on your deal.