I agree. 4.5% w/6K credit sounds good to me. I don't know your finances but I would be tempted to keep my 6K in my investments and go with the 4.5 and use the lender credit.
Is the credit card debt charged off now or are these cards still open and current?
This is a normal practice where the buyer will usually pay for the condo questionnaire fee and the lender does not pay that. In my opinion, sellers of a condo should at least have a generic condo questionnaire completed and available up-front for realtors, buyers, and their mortgage company to review so they know what they are looking at. If everyone would do this, it would save so much time. The questionnaire would have to be completed eventually for the new mortgage company as each has their own but at least the lender has an idea if the condo has a shot of being approved or not. Also as a buyer you are not risking your condo fee so much at that point. Examples of condo details that could be known up front would be rental concentration, law suits, HOA health, number of delinquencies in dues, if a daily rental or condotel, etc.This doesn't mean you can't ask the seller to pay for your questionnaire fee though and because it is a necessity when buying a condo, maybe they will pay it to get a buyer.I hope this helps!
A 500 credit score is too low for a mortgage company to approve you for a mortgage loan. I would continue working on your credit but make sure someone is working with you that is an expert in credit as you will need to build the right kind of credit as well as work on the items that are making your scores low whether it is collections, late payment, etc.
I think it is a good site with valuable tools but I had a hard time getting agents to put their information in there to make the sites which defeats the point.
The only possibility of getting any up-front MIP back is if it is a conventional mortgage with refundable single premium pmi. It is unlikely but you should check as refundable pmi is much more expensive and most would not choose that unless the borrower feels that he/she would refi, pay down, or pay off the mortgage very quickly. So if it is a conventional loan, ask your lender or you can look on your settlement statement from closing, call the PMI company, and ask them what type of PMI you have and your options with it. If your loan was VA, USDA, or FHA, there is not an option of getting it back.
The income can only be used if the borrower is on the application and the credit is being used. A 630 score on just one bureau can be done on many products if you have alternative credit such as rent, utilities, etc and that with you on the loan, there are compensating factors on the file such as lower debt ratio, assets in reserves after the closing, long time on the job, etc. If she qualifies with just her income and credit, the rate would be better though.One piece of advice is never do a mortgage assuming that you will be able to refinance it in the future. You may be able to but never let someone tell you that you can so that you close on this loan.
Barb is correct below. Have you looked into consolidating the student loans into one lower payment?
It is very doubtful that FHA is going to be a viable option for you because of the pmi insurance which is meant for borrowers over 80%. A conventional loan will more than likely be the one for you to entertain but then it will be choices between a 15, 20, or 30 year term depending on your goals and how you qualify.
No, you cannot borrow on top of the mortgage to pay off a debt as the most you would be able to borrow would be up to 100% of the price assuming that you qualify for VA or USDA. For USDA the property needs to be in an eligible area. 96.5% of the price for FHA and the down payment can be from your own funds, a gift from a relative, or a few other allowable sources.