Comments on: First-Time Homebuyer Needs Credit Advice http://the.blog.lenderratematch.com/2008/05/27/first-time-homebuyer-needs-credit-advice/ Mortgage Talk Sat, 31 Jul 2010 09:41:54 +0000 http://wordpress.org/?v=wordpress-mu-1.2.5 By: Dimitrios Gikas http://the.blog.lenderratematch.com/2008/05/27/first-time-homebuyer-needs-credit-advice/#comment-519 Dimitrios Gikas Thu, 24 Jul 2008 17:19:27 +0000 http://the.blog.lenderratematch.com/2008/05/27/first-time-homebuyer-needs-credit-advice/#comment-519 FHA is THE way to go for these people. 80/20's are basically GONE, especially for scores this low. And the rates you would pay would be very high even if you found one who would do it. FHA would get you a LOW fixed rate with PMI that is inexpensive compared to conventional. Right now if one does not have 15% plus down and 700+ scores, FHA beats conventional. I do recommend you have at least 2 or 3 payments in "reserve", this way if you have a blip at work, you don't fall behind. FHA is THE way to go for these people.

80/20’s are basically GONE, especially for scores this low. And the rates you would pay would be very high even if you found one who would do it. FHA would get you a LOW fixed rate with PMI that is inexpensive compared to conventional.

Right now if one does not have 15% plus down and 700+ scores, FHA beats conventional.

I do recommend you have at least 2 or 3 payments in “reserve”, this way if you have a blip at work, you don’t fall behind.

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