I work with a lender than can do 5% down on a loan up to 417K with no MI. The only catch is the at program is available to individuals that meet the income restriction requirements (not an option here) or the property is in an approved census tract. If you'd like to provide me the address, I can take a look and see if the property qualifies for this loan. Have a great day.
First Capital Mortgage
Direct: (310) 434-1718
Fax: (310) 451-6407
(you asked this twice, I'm only answering on this posting...)
Also, FHA rates are currently lower than conventional and it could be structured that the FHA loan, even with the up front premium could be cheaper. Make sure you have been presented with all options by an experienced loan officer.
If you need assistance, please call or email.
Another angle to look at is whether it's possible to get your credit score up 10 points - and I'm NOT suggesting you pay a "credit consultant" to game the system. Often times just a small adjustment to your existing accounts increases the score by 20-30 points. It just takes a $17 credit report to analyze that option.
Third - and it may be that the ultimate payment is similar due to a lower rate - is the FHA loan. They don't have debt limitations and FICO fee add-ons for someone with a 710 score.
I'm sure something will work to your advantage Al.
We're located in WA but my "home" is Sacramento. We're both Sac State grads and spent 20 years in Sacramento before moving North.
I think you should go FHA.
I hope this helps!