For example: Some properties my husband wants me on the note and others not. Placing a property into a corporation or LLC with only one of our incomes is a offensive move - i.e. if another property popsup later down the road.... Depends on our exposure and plans for each property (flip vs. keep).
However, I'm not a Lender or an Accountant and the rules have changed on the lenders home fronts. If you like I can recommend a few good banks and mortgage companies in the area. Call my office anytime and I would be happy to share some names and numbers.
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If you are putting down 20% you don't need to worry about PMI lender paid or borrower paid. With a 20% down Payment FHA will almost never be the better option. In MA today a 30 year fixed rate around 6.375% is a fair price. If your or your wife's credit score are less than 720 that rate gets worse the lower the score.
As for credit pulls, multiple credit pulls while shopping for a mortgage do not negatively impact your credit score, as long as the previous credit pull was done within the last 45 days it counts as 1 inquiry.
You definitely want to get your ducks in a row prior to finding a property. I had a loan that the borrowers middle score was 718. If we had 45-60 days prior to closing we could have increased the borrowers score the 2 points it needed to increase by simply charging 10 dollars on a charge card and not paying the card off. Would have saved the borrower $2,000 because of the new fannie Mae Loan Level Price Adjustments for credit scores. Get pre-approved by a lender that has the ability to offer you suggestions to improve your credit scores.
Good luck with the home purchase.
If you have any questions feel free to call or e-mail.
Don't mean to be flippant but that would be a great deal. I have seen my clients with good 600-800 credit scores walk out of the closing with a 5.7 - 6.7% 30 year fixed rate attached to the scenario you describe above. If you can do better congrats, you should take it and RUN!
If you are going to shop around, make sure that when you first get your credit pulled you get a copy to give to other lenders. This will prevent your score from dropping due to several credit checks.
If you have other questions, give me an email
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