Are FHA mortgage loans good for someone with excellent credit and for someone who doesnt want to pay PMI?

Posted on Aug 24, 2012 in FHA Information

Question by Hoping he will bless me with #1: How can tell if you are getting a good deal on your mortgage loan?
My husband and I are scheduled to close on our first home on March 28th, about it side effects so five days away. It is a 1, ailment dosage 941 square foot home in Fort Worth, page Texas. We were approved for a 15-year FHA loan at a 5.5% fixed interest rate. The builder had the house listed at $ 143,990 and said they were discounting it to $ 137,990 because they are trying to meet their quotas and their year end is March 31st. Our realtor and his wife are both in the real estate business. He is a realtor and she is a broker, so they are getting a big commission off this deal with the builder. The realtor is going to pay off apartment lease ($ 710 per month and we have 3 months left), and pay two mortgage payments for us at $ 1,511 and some change. We both have fairly low credit scores (mine 534 and my husbands 575), but we got 100% financing. They are rolling our closing costs, appraisal fees, etc. into the loan.

Does this sound like a good deal? Is there anything that sounds fishy?

Best answer:

Answer by newmexicorealestateforms
Department of Justice Antitrust issues in Real Estate (testimony)
http://www.usdoj.gov/atr/public/testimony/217299.htm
Real Estate License laws http://www.trec.state.tx.us/formslawscontracts/rules_codes/rela.asp
Texas Department of Housing including 1st time home buying programs: http://www.tdhca.state.tx.us/overview.htm
Legal aid: http://texaslawhelp.org/TX/StateDirectory.cfm/County/%20/City/%20/demoMode/=%201/Language/1/State/TX/TextOnly/N/ZipCode/%20/LoggedIn/0/directory/11/searchletters/bysa
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Question by momo: Are FHA mortgage loans good for someone with excellent credit and for someone who doesnt want to pay PMI?

Best answer:

Answer by animal_mother
I got an FHA loan on my house and I have perfect credit. It’s my first house, unhealthy so I don’t know if that had something to with it or not. Also with a FHA loan the sellers must update stuff to code in order for you to get the loan, which is a bonus for the buyer.

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4 Comments

  1. If you have excellent credit, there are better loans for you than FHA. Also, if you do not want to pay “PMI”, you do not want an FHA loan.

  2. FHA loans are good for everyone, but with them doe’s not matter how much down payment you going to put- you will always pay PMI.

  3. Your post was very informative and I really enjoyed it.

  4. Thanks for the great article about mortgages.