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FHA or conventional with 5% down?

Buying house for $200,000. Credit in high 700's.
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March 13 2013 - Inman Park
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What is the purpose of the non-occupant co- borrower? If it is to help with ratios, I don't think you can go conventional unless you have 20% down and the lender can sell to Freddie. If that is the case, you can the blend ratios like FHA allows. As for closing costs, get the seller to price it in so that his net will remain the same. I am local if you want to give me a call to discuss.
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March 13 2013
The non occupant co borrower will not affect the rate, but you will need a lender that sells to freddie mac.  I would still with credit in the high 700s i would look at conventional as well.  I sell to freddie and lend nationwide if you would like to speak in more detail.  
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March 13 2013
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Thank you. Seller not willing to pay any closing costs. If loan is taken out by co-borrowers, and only 1 of them is living in the house, does this affect anything? What would difference in rate be?
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March 13 2013
Go Conventional and see if you can get the seller to contribute towards your closing costs. If they will you can purchase a Single Premium Mortgage Insurance and then you wont have a monthly MI payment.

Thanks,

Julio
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March 13 2013
FHA mortgage insurance is through the roof these days. If you have the 5% to put down, conventional is definitely the way to go.
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March 13 2013
conv
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March 13 2013
With just that one line of a question, I will say conventional, hands down.
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March 13 2013
Conventional.
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March 13 2013
 
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FHA or conventional with 5% down?
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Latest answer by michaelmccollum
March 13 2013 | 8 answers
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