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Barbara Wesley
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Barbara Wesley answered:
Excellent credit opens up alternatives other than FHA. Fannie Mae has an incentive program for 750 plus credit scores. I, however, would talk to a local credit union, because they often have loan programs for very good credit with longstanding employment if you open an account with them that will not have PMI or MIP associated with the loan costs or monthly payment. If you do have to go with 100% financing requiring PMI, be sure to track your value and get an updated appraisal after your Loan to Value ratio reaches 80%. You can eliminate this premium anytime after one year with a conventional mortgage, but with FHA you can not eliminate the premium until after five years.
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