Posted by shamutooth on 12th of Jul 2009 at 12:54 am
If you get denied for a conventional loan,just go FHA. You can
still borrow 97% of the home's value,at interest rates that are in
some cases much better than conventional,with credit scores down to
the 500's.Most of the time assets are not needed, and with assets
your debt to income ratio can be 60%. The only drawback is the
monthy PMI(although much lower than conventional PMI, and is waved
on a 15 year term,although a one time upfront MIP is still
required) And yes, any loan these days will come with increased
documentation.
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If you get denied for
Mortgage Troubles
Posted by shamutooth on 12th of Jul 2009 at 12:54 am
If you get denied for a conventional loan,just go FHA. You can still borrow 97% of the home's value,at interest rates that are in some cases much better than conventional,with credit scores down to the 500's.Most of the time assets are not needed, and with assets your debt to income ratio can be 60%. The only drawback is the monthy PMI(although much lower than conventional PMI, and is waved on a 15 year term,although a one time upfront MIP is still required) And yes, any loan these days will come with increased documentation.