LLee

thanks for the replies...went ahead and applied and the mid scores where 802 me and 798 dw so good to go there. He also was not concerned with dti ratios as the balances only report a required 150 monthly payment combined....gonna go with the higher reserves for peace of mind and if all goes as planned pay off the cards after closing and moving...

Which do you mortgage experts believe would help a mortgage app to more likely be approved without considering the impact on fico or DTI ratios of paying off the cards (scores are already over 720 even with the balance). The reason I ask is because we will be applying soon for a mortgage and have about 4000 balance on a card which reports as 65 minimum payment due on our credit reports. We have good credit and our DTI ratios are fine and we could pay off the card which likely wouldn't report as paid off to the bureaus before our mortgage app is submitted. I'm thinking keeping the balance on the credit card and keeping the 4000 in the savings for reserves would be better since we are likely to only have 7000 in reserves total v 3000 if we pay off the card. Thoughts??? Thanks!

also I just read the letter that stated the house itself was not in the flood zone and I wasn't required to get flood insurance but I could if I wanted to and they included a quote from a flood insurance place that stated the premium was only like $250 a year...I declined since the house is in a drought area all this time and never gets anywhere close to average rainfall....

We own a home that when we purchased it in 2007 we found out about a week before closing that the far back corner of the 3/4 acre lot crossed the flood plain on the flood maps...the bank said no loan at first but somehow the real estate agent got an assessment done that stated the "structure" was not in the flood zone and was elevated enough from the flood zone that it wasn't an issue so the bank said ok and we closed...cost an extra 250 bucks for the assessment....I don't remember who did the assessment...wish they would have denied the loan now as we moved away and are renting out the house due the market conditions and being upside down lol....

We just bought a brand new house for 138,000 with a total out of pocket of 5,800 bucks and a mortgage of 1360 for 15 years ...we went fha...I believe you will never find a better time to buy a home than now (not necessarily today, but soon)...If your credit is in order why not take a look around and see what you can get in your price range. Get a good realtor which won't cost you anything and see whats out there. Also, talk to a good mortgage person and see what you qualify for. The deals are out there and rates are incredible...I once thought 6.5 percent was a great deal on a mortgage. there half that now lol!

I believe you have been misinformed as we own a home that we are a good bit underwater on and had to rent it out to move out of state for work transfer and we just bought a new home with an fha loan where we moved to to be our primary residence. We have no equity in either home but had no problem getting the loan for the new home. We did qualify for the new home loan without counting our rental income though since its been less than two years as a rental...good luck...

mine isn't a monthly mi it was paid up front with a higher rate I guess...thats probably the difference as well as the fact that my original is through them too...good luck, keep searching...

btw- I read the conflicting info about the lpmi which is why I applied with our current lender...

you are in a very similar situation to us...we have a home we owe 228,000 on and the value has gone way down probably to around 200,000 or less and we are at 6.75% with Nationstar. we've had it since 2007 but moved last year and had to convert it to a rental. I just applied for and was initially approved for a harp 2.0 through Nationstar since we also have LPMI. They quoted me 4.5% with cosing costs near $6000 which isn't bad but not great. Should save us close to $400 a month if it fly's... Incidentally, we just bought a new home for our primary residence at 3.25 for 15 years FHA...investment homes take a hit pretty bad but I'm hoping the tax benefits will help out a lot especially with the refi costs, interest, and depreciation...I'll be happy if the loan closes as stated. They said expect about 2months. We did get a waiver for the appraisal...

probably your best bet is to contact one of the brokers here in this forum like Brian or anyone of the others, and have them work your loan since they have access to many more loan programs than a retail lender. You will see lots of favorable reviews from other folks here that have used them. They are not allowed to solicit your business here, but are allowed to help you out if you contact them through the contact links in their profile or private message. Good luck!

hopefully this one reads better...thinking we are going with this 15 year fha....builder pays most closing costs.... ESTIMATE Community: Sales Price: $ 1 38,322 Earnest Money: $500.00 Base Loan Amount $ 1 33,480 Seller Paid Costs: $4,079.00 Total Loan Amount $ 1 34,815 Property Address: Type of Loan FIXED FHA The information provided below reflects estimates of the charges which you are likelyto incur at the settlement of your loan. The fees listed are estimates - the actual cost may be more or less. Your transaction may not involve a fee for every item listed. The numbers listed beside the estimates generally correspond to the numbered lines contained in the HUD-1 settlement statement which you will be receiving at settlement. The HUD-1 settlement statement will show you the actual cost for the items paid at settlement. Payment Rate 3.250% Fixed Rate Term 15 Years 800 ITEMS PAYABLE IN CONNECTION WITH LOAN 801 $ - Loan Origination Fee 0.00% 802 $ - Loan Discount 0.000% 803 $ 500.00 Appraisal 804 $ 35.00 Credit Report 805 $ - Lender's Inspection 806 $ - Mortgage Insurance Application Fee 807 $ - Assumption Fee 808 $ - Warehouse Fee 809 $ - Processing Fee 810 $ 89.00 Tax Service 811 $ 26.00 Flood Check Fee 813 $ - Wire Transfer 814 $ - Buydown Expense 815 $ - Underwriting 816 $ - Lender Fee 817 $ - Doc Prep 818 $ - 819 $ - 820 $ - 821 $ - 822 $ - 900 ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE 901 $ 12.00 1 $ 12.00 /Day 902 Conventional PMI/FHA Up-Front MIP/VA Funding Fee Financed Paid Cash 903 $ 700.00 Hazard Insurance Premium 904 905 1000 RESERVES DEPOSITED WITH LENDER 1001 $ 175.00 Hazard Insurance 3 Months @ $ 58.33 /Month 1002 $ - Mortgage Insurance 0 Months @ $ 0.00 /Month 1003 $ 1,037.42 Taxes 3 Months @ $ 345.81 /Month 3.00% 1004 Taxes Months @ $ /Month 1005 Taxes Months @ $ /Month 1006 Flood Insurance Months @ $ /Month 1007 Aggregate Analysis Adjustment 1100 TITLE CHARGES 1101 $ 350.00 Closing or Escrow Fee 1102 $ 41.26 Tax Certi. 1103 $ 150.00 Endorsements 1104 $ 1,134.58 Owner's Title Policy 1105 $ 75.00 Document Fee 1106 $ 5.00 Guaranty Fee 1107 $ - Attorney/Settlement Agent 1108 $ 100.00 Title Insurance 1109 $ - Second Lien Filing fee 1110 $ 400.00 Homeowners assn. dues and fees 1200 GOVERNMENT RECORDING & TRANSFER CHARGES 1201 $ 126.00 Recording 1202 $ - City/County Tax/Stamps 1203 $ - Notary 1204 $ 42.00 Messenger/Overnight Delivery 1300 ADDITIONAL SETTLEMENT CHARGES 1301 $ 405.00 Survey NOTE: 1302 Pest Inspection 1303 1304 $ 5,403.26 TOTAL ESTIMATED BORROWER SETTLEMENT CHARGES TOTAL ESTIMATED FUNDS NEEDED TO CLOSE TOTAL ESTIMATED MONTHLY PAYMENT Loan Amount Earnest Money Second Lien Payment UFMIP Builder Paid Title Seller Credit PMI 0.0115 Estimated Closing Cost Estimated Pre-Paids Estimated Cash to Close The Undersigned acknowledges as applicable, receipt of the following booklet (s): Settlement Cost These estimates of closing costs are provided pursuant to the Real Estate Settlement Procedures Act (Respa). If your loan application is for a first lien residential mortgage and is made in transaction to purchase a home, additional inportant information can be found in the HUD Special Information Booklet provided to you by your lender or mortgage broker. If an estimated charge shown on page 1 is identified with a double astrisk(**), the lender requires the use of a particular provider of that settlement service. The estimated charge shown is based on the charges of the charges of the designated provider. The relationship between the lender and the settlement service provider is that the lender has repeatedly used the provider's services in the past. The lender may decide to choose a different provider, the HUD-1 or HUD 1A statement given to you at settlement will disclose the provider used. DISCLOSURES CONCERNING REQUIRED USE OF SETTLEMENT SERVICES PROVIDERS $ 1,405.44 TOTAL MONTHLY PAYMENT $ 4,531.68 $ 3,478.84 $ 58.33 Hazard & Flood Insurance $ 1,924.42 HOA $ 1,334.80 $ ( 1,134.58) (4,079.00) $ 5 4.00 $ ( 134,814.80) $ 345.81 Taxes (500.00) $ - Days of Interest @ If Title accepts current survey there will not be a new survey required. $ 138,322.00 Sales Price $947.30 Principle and Interest

Earnest Money: $500.00 Seller Paid Costs: $4,079.00 Property Address: ESTIMATE Sales Price: Base Loan Amount Total Loan Amount Type of Loan 138,322 $ 133,481 $ 134,816 $ FIXED FHA The information provided below reflects estimates of the charges which you are likelyto incur at the settlement of your loan. The fees listed are estimates -the actual cost may be more or less. Your transaction may not involve a fee for every item listed. The numbers listed beside the estimates generally correspond to the numbered lines contained in the HUD-1 settlement statement which you will be receiving at settlement. The HUD-1 settlement statement will show you the actual cost for the items paid at settlement. Payment Rate 3.875% Fixed Rate Term 30 Years 800 ITEMS PAYABLE IN CONNECTION WITH LOAN 801 $ -Loan Origination Fee 0.00% 802 $ 505.56 Loan Discount 0.375% 803 $ 500.00 Appraisal 804 $ 35.00 Credit Report 805 $ -Lender's Inspection 806 $ -Mortgage Insurance Application Fee 807 $ -Assumption Fee 808 $ -Warehouse Fee 809 $ -Processing Fee 810 $ 89.00 Tax Service 811 $ 26.00 Flood Check Fee 813 $ -Wire Transfer 814 $ -Buydown Expense 815 $ -Underwriting 816 $ -Lender Fee 817 $ -Doc Prep 818 $ 819 $ 820 $ 821 $ 822 $ 900 ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE 901 $ 14.31 1 Days of Interest @ $ 14.31 /Day 902 Conventional PMI/FHA Up-Front MIP/VA Funding Fee Financed Paid Cash 903 $ 700.00 Hazard Insurance Premium 904 905 1000 RESERVES DEPOSITED WITH LENDER 1001 175.00 $ Hazard Insurance 1002 -$ Mortgage Insurance 1003 1,037.42 $ Taxes 1004 Taxes 1005 Taxes 1006 Flood Insurance 1007 Aggregate Analysis Adjustment 1100 TITLE CHARGES 3 Months @ $ 0 Months @ $ 3 Months @ $ Months @ $ Months @ $ Months @ $ 58.33 /Month 0.00 /Month 345.81 /Month /Month /Month /Month 3.00% 1101 1102 1103 1104 1105 1106 1107 1108 1109 1110 1200 1201 1202 1203 1204 1300 $ $ $ $ $ $ $ $ $ $ GO$ $ $ $ AD350.00 41.26 150.00 1,134.59 75.00 5.00 - 100.00 - 400.00 126.00 Recording -City/County Tax/Stamps -Notary 42.00 DITIONAL SETTLEMENT CHARGES VERNMENT RECOMessengeClosing or Escrow Fee Tax Certi. Endorsements Owner's Title Policy Document Fee Guaranty Fee Attorney/Settlement Agent Title Insurance Second Lien Filing fee Homeowners assn. dues and fees Delivery RDING & TRANSFER CHARGES r/Overnight $ 1301 405.00 $ Survey NOTE: 1302 Pest Inspection 1303 1304 5,911.13 TOTAL ESTIMATED BORROWER SETTLEMENT CHARGES If Title accepts current survey there will not be a new survey required. TOTAL ESTIMATED FUNDS NEEDED TO CLOSE TOTAL ESTIMATED MONTHLY PAYMENT Principle and Interest $ (134,815.54) Loan Amount $ 345.81 Taxes $633.95 $ 138,322.00 Sales Price (500.00) Earnest Money $ -Second Lien Payment $ 1,334.81 UFMIP $ (1,134.59) Builder Paid Title (4,079.00) Seller Credit $ 127.92 PMI 0.0115 $ 3,984.40 Estimated Closing Cost $ 58.33 Hazard & Flood Insurance $ 1,926.73 Estimated Pre-Paids HOA $ 1,166.01 TOTAL MONTHLY PAYMENT $ 5,038.82 Estimated Cash to Close

we should have $10000 in reserves after we close on our home which will likely be in the $150,000 range. also, we have about $140,000 in a 401k does that count as reserves?

looks like a sweet deal. Definetly have to look into it since we'll be getting an fha loan soon.

thanks,,,,just saved me an inquiry anyways...