Home Buying in 66062>Question Details

Vallabhs, Home Buyer in 33618

We are in the processs of closing a conventional loan with 10% down, my credit score is at 789, wife is at

Asked by Vallabhs, 33618 Mon Jun 22, 2009

710, lender comes back asking to shell 5% more as they say my wife score is not enough to get PMI, does not make sense

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Answers

2
Vallabhs,
With a conventional loan you have to pay PMI if you are putting down less than 20%. My bet advice is to find out what the underwriting requirements that were not meant; would a 720 credit score done the trick? If it is a direct lender take your business elsewhere if they can’t help you.
710 is still a good credit score, if you are working with a broker then they should be able to find a program that will meet your needs albeit the rate may be slightly higher.
Good luck shopping.

John Paul Ledesma
Coldwell Banker
0 votes Thank Flag Link Thu Aug 6, 2009
Hi Vallabhs,

I'd love to help with your question, but I first need to know what state you're in. This question appeared in Kansas, but the zip in your profile is a Florida zip. If you could tell me which state you are purchasing this home in, I'd be happy to get you someone to give you some advice.

Thanks for the additional information. I look forward to helping you out.

Best,
Trulia Markerman
0 votes Thank Flag Link Thu Aug 6, 2009
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