Zillow Advice: Home Buying - If I put down 20%, can I qualify for FHA without PMI or MIP? thank you

There are many reasons to ...

Fri, 12 Jun 2009 15:06:00 GMT

There are many reasons to seek FHA financing. One of those reasons is because FHA tends to have more relaxed qualification criteria (credit score, income-to-debt ratios, non-occupant co-borrowers, etc.). The other main reason is due to low down payment requirements (currently 3.5% minimum). Any FHA loan will carry an up front MIP funding fee of 1.75% of the loan amount.

Conventional rates are fairly low right now and will be a better option if you're putting such a substantial amount of money down. I think you should consider all your options. I'd be more than happy to schedule an appointment with you to go over your specific needs and concerns.

FHA loans are for people ...

Fri, 05 Jun 2009 02:11:00 GMT

FHA loans are for people who do not have 20% to put down or who have poor credit or both. If you have good credit and 20% down you would naturally apply for a conventional loan.

Yes, you will still have ...

Fri, 05 Jun 2009 00:42:00 GMT

Yes, you will still have to pay up front MIP of 1.75% and annual MIP is you are financing on a 30 year program.

But, why go FHA if you have 20% down?

All i know is this you qualify ...

Fri, 05 Jun 2009 00:26:00 GMT

All i know is this you qualify for conventional loan if u pay 20% or more.
and if the buyer cant come up with 20% down or more then you ask for FHA.
which FHA required an UPRONT PMI plus the closing cost
with the conventional loan with 20% down
You wouldnt need to pay for the PMI
closing cant be discussed with the seller.