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Replies (10)
- Nicholas Ribeiro, "NicholasRibeiro"
- Contributions:1807
Ugh... More FHA guidelines.. Say its not true!
- Joe Cafiero, "Joe Cafiero"
- Contributions:3220
Justin;
A letter from HR and the understanding even if you did commute from South Jersey to NYC a local lender would understand (my wife did the commute from Philly to NYC for 2 years before having our daughter). Would be happy to help you out if you are still in a jam. You cna contact me through my profile. Question though for you, if you are putting $30k down on a $185,000 home, why are you going with a FHA loan
A letter from HR and the understanding even if you did commute from South Jersey to NYC a local lender would understand (my wife did the commute from Philly to NYC for 2 years before having our daughter). Would be happy to help you out if you are still in a jam. You cna contact me through my profile. Question though for you, if you are putting $30k down on a $185,000 home, why are you going with a FHA loan
- JustinG2384
- Contributions:3
What other type of loan can I have? I currently have about 44k in the bank and expecting a tax refund of 3k so I wanted to keep some money in the bank.
- Joe Cafiero, "Joe Cafiero"
- Contributions:3220
How is your credit and is this a single family home? If your credit is half way decent someone is doing you a great disservice by steering you towards a FHA loan.
- JustinG2384
- Contributions:3
Single family home. My credit score is 765.
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
step 1, don't take an FHA loan
step 2, don't work with the lender that did you the disservice of putting you in one
high score and large down payment; go conventional.
btw: there are people who commute from DC to NY and vica versa which is I think a couple of hundred miles so 98 miles isn't abnormal.
step 2, don't work with the lender that did you the disservice of putting you in one
high score and large down payment; go conventional.
btw: there are people who commute from DC to NY and vica versa which is I think a couple of hundred miles so 98 miles isn't abnormal.
- Rita A. Walker, "Rita Walker"
- Contributions:277
Justin,
With that kind of credit score and the amount you are willing to put down, there will be many lenders that would be glad to have your business. Get your best deal!
FHA is not where you need to be.
Good Luck!
With that kind of credit score and the amount you are willing to put down, there will be many lenders that would be glad to have your business. Get your best deal!
FHA is not where you need to be.
Good Luck!
- KKSka14
- Contributions:63
The lender may be pointing her toward FHA because of the debt-to-income ratio, which is substantially more liberal than on a conventional loan. Remember, folks, she does have a current mortgage without 2 years of rental history. I've done an FHA loan to 56% LTV but I don't think I've ever gotten a DU approval for greater than 45% on conventional.
That said, if DTI is NOT your issue then yes, you should be going conventional.
That said, if DTI is NOT your issue then yes, you should be going conventional.
From the OP's Response...
"What other type of loan can I have? I currently have about 44k in the bank and expecting a tax refund of 3k so I wanted to keep some money in the bank."
...it's clear that they incorrectly believe it requires 20% down ($37,000) to get a conventional loan. Their loan officer is obviously a one trick pony and did not inform them of their options.
FYI Justin, you can get conventional financing with 5% down if you wanted to.
"What other type of loan can I have? I currently have about 44k in the bank and expecting a tax refund of 3k so I wanted to keep some money in the bank."
...it's clear that they incorrectly believe it requires 20% down ($37,000) to get a conventional loan. Their loan officer is obviously a one trick pony and did not inform them of their options.
FYI Justin, you can get conventional financing with 5% down if you wanted to.
- Dan, "the_country_hick"
- Contributions:4694
That is putting around 52,000 miles a year on a vehicle. Including the cost of gas, repairs, and vehicle replacement costs I would consider buying much closer to home. Just replacement vehicle costs will be horrible. That is not even considering the time wasted each day driving that distance. Somehow I think that location will take far more from you than it can give.
You have a baby on the way. Living that far from work will remove a lot of your time and energy. That makes it less likely you will enjoy being around home like you would prefer. My uncle once got a job that was about 100-125 miles from home. It wore out his vehicle and he had no time for much of anything else. He wished he could have been closer to work.
You have a baby on the way. Living that far from work will remove a lot of your time and energy. That makes it less likely you will enjoy being around home like you would prefer. My uncle once got a job that was about 100-125 miles from home. It wore out his vehicle and he had no time for much of anything else. He wished he could have been closer to work.
FHA Commute Guidelines
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