Quote:
Originally Posted by Pheonix
Yes, your credit will take a hit everytime they check your credit. Pick a reputable broker and let them do the shopping for you.
So many misleading information on this thread.
FHA isn't what it used to be. You will be hit with 2 PMI; the 1st one is 1.75% of the cost of the loan to be paid up front (or roll into the loan). The second is the anual PMI; which will stop once you reached 20% equity of the original deal.
You will pay PMI regardless of lender if you dont have at least 20% down. Some people have 2nd mortgage to avoid this but the rate is usually pretty high.
Talk to a local broker and do some researches online (ton of information).
Btw, we live in the Peninsula (Foster City). We started to look and having a hard time finding something we like with the budget of $1.3Mil (and about 30% down).
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Sorry, but some of your info is incorrect. You do not always pay PMI with less than 20% down, they do have lender paid PMI programs.
Also, FHA PMI does not automatically fall off when you reach 20% equity, it is on there from 11 years to the life of the loan depending on your down payment amount.
Lastly, a broker is going to shop your loan and have the credit ran multiple times by every lender he looks at since he is just the middle man. It is better to have a tri merge pulled by one lender, and then just give these scores to whoever else you talk to