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Reply to "670 score, 16k, want to borrow 700k"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Your credit should be good enough for an FHA loan with 3.5% down. You will need money for closing costs too so you would still need to save a bit more.[/quote] +1 This is how we got our first home for 700k[/quote] FHA mandatory insurance is like 1% of the loan amount annually, so 7k/12 = $583 per month just in FHA insurance premium, on top of what will almost certainly be a crappy loan rate. I was in a similar position 10 years ago - I bought a $680k house with 3.5% down and an FHA loan at a 4.25% rate. I had a kid in daycare, $2k per month but no student loans or other debts. It was rough, and I made $240k. A mortgage payment of $4k is a lot on an income of 240k when you have another 1.7k in monthly debts (or even if you don't). We had to tightly control all of our spending. I can't imagine doing it on 175k and I highly advise that you not do it[/quote]
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