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My home is paid and we want to take advantage of the low rates and borrow 100k home value is 225k

my current fico score is 650, would I be better off going 15 yr conventional or 15 yr fha.
and what can i expect to pay in costs for a 100k loan to close
  • July 06 2012 - Atlanta
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Answers (2)

Profile picture for user651026
Justin,
thanks for the reply
The lender I have talked to stated the same in regards to the fha loan. we plan on staying in this home indefinitely at this time. the quote I am receiving for A 15 yr fha mortgage is 2.98% but the closing cost I am being quoted are going to be 5k,  this seems high ? if so, what would be a fair
amount? we have not started the process with this lender yet .
we are located in N.E, Georgia.

thanks/ regards, Scott
  • July 07 2012
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It depends on your long term goals.  The good thing about an FHA loan is it is assumable so when you go to sell and rates are higher you would be able to offer the rate you have to entice a buyer. 

Your credit score is a little on the low side for a conventional loan but since you have so much equity you still would qualify for a good rate, but probably not as good as FHA.

You would really just need to run the numbers and look at how long you are going to be staying in the home.

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  • July 07 2012
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