Best of Luck,
The person who stated earlier, "One Trick Ponies" is mistaken. Loan Officers must review ALL potential programs available to a client and prequalify accordingly.
When I hear a consumer say, "We just found out..." that sounds like there's another person giving bad advice either through ignorance (because the person is not a mortgage professional) or through a desire to bring you in as a client (a classic "bad" sales technique).
Call your original Loan Officer and ask for an explanation of the reasons why you are applying for an FHA Loan.
You can verify the License of any Loan Officer on the NMLS Consumer Access website.
It may be that you were put into the correct loan but not told why. That would be unfortunate as well. If you want to contact me, I would be happy to discuss with you.
Giving the benefit of the doubt, I'm guessing you do not have the funds required to avoid mortgage insurance after paying your down payment + property inspection fees + closing costs.
We obviously do not know whom you are working with; however, I think you should review the following post covering the type of financial scrutiny ALL BUYERS should seek in order to identify ALL financing options BEFORE searching for a property.
â€œPre-Qualified vs. Pre-Approved vs. True Pre-Approvalâ€
Best Regards, -Steve
"How much money you can put down?"
Normaly when there is less than 20 percent down there usually is PMI.
Many buyers choose loans that you can put as little as 3.5% of the purchase price
and it most definitely requires PMI.
So the real question that should have been asked is. Can you afford to put 20% or not.
Hope that clears it up for you.
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