You're welcome Mark! Let's see if we could do some business

Pierre

I'm just going to say something to follow the answers, to see if there's another reason FHA might have been used other than low credit scores, high ratios. It would be sort of odd to have 25% down, and have low credit scores, high ratios, but anything is possible. I once had a bankruptcy client that had $75,000 in savings and $125,000 in credit card debt when he came to see me.

Thank you, Pierre. I stand corrected on MPI vs. PMI : )

Adam:

There are 2 major types of Mortgage Insurance. Conventional Loan uses Private Mortgage Insurance - PMI and FHA uses Mortgage Insurance Premium - MIP

.The FHA Mortgage Insurance Premium
FHA mortgage insurance is similar to the private mortgage insurance (PMI) required for conventional mortgages with down payments below 20%, but there are some key differences

CLICK BELOW FOR DIFFERENCES.
http://www.bills.com/fha-mortgage-insurance/

Go back to your mortgage broker with the above attachment!

Good Luck!

Pierre King, Associate Broker
Weichert Realtors H P Greenfield http://www.kandhHomes.com

If you are putting 25% down I can only assume that your loan officer put you into an FHA product because of a low credit scores and/or high debt to income ratio. Generally, with that high of a down payment you would get a better rate going with a conventional loan without PMI. But FHA has easier qualifying standards and, yes, there is always the PMI.

If you are closing in a few days there is probably no way to change your financing without permission from the seller to extend the closing date. That is probably not likely considering it would take a couple of weeks to secure a different loan.