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We were qualified for a 460k FHA loan. I have a FICO score of 700 and so does my wife. The credit history of my wife is less than a year and she has only been in her job for almost 5 months but she makes around 90k/annum. I have established credit and have been in my job for almost 4 years but I only make 45k/annum. So were told that we don't qualify for a conventional loan. We have 60k that we can use for down payment or closing cost.
Are you VA eligible? If so, then I would consider going VA.
Your appraisal is high but that maybe common if you live in CA.
Your interest rate maybe a lot higher than 5.875% due to your loan being a FHA Jumbo
Quote:
Originally Posted by solanoMan
We were qualified for a 460k FHA loan. I have a FICO score of 700 and so does my wife. The credit history of my wife is less than a year and she has only been in her job for almost 5 months but she makes around 90k/annum. I have established credit and have been in my job for almost 4 years but I only make 45k/annum. So were told that we don't qualify for a conventional loan. We have 60k that we can use for down payment or closing cost.
they usually ask for 12month history.
sometimes they make exceptions....but you will need other compensating factors like reserves, low LTV, and maybe low DTI
the upfront MIP is not a lender fee...it's a mandatory fee charged on ALL FHA loans. It should be 1.5% of the loan amount. You can pay for it upfront or have it rolled into the loan amount.
Quote:
Originally Posted by solanoMan
So do you think the numbers on the GFE are right? What about the upfront MIP? Is that normal?
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