silasmoeckel t1_j5seh7s wrote on January 25, 2023 at 5:47 AM

Reply to comment by Striking-Trainer8148 in The inventory of houses suck by KindaEgotistical

Not like anywhere else is particularly better.

Suck it up and pay the PMI on a FHA if they can afford the monthly.

phunky_1 t1_j5td7um wrote on January 25, 2023 at 12:56 PM

Don't get a FHA.

They changed the rules so you can never get rid of PMI now.

You can get a conventional loan for only 5-6% down and PMI goes away once you get 20% equity.

Morendhil t1_j5tw4yo wrote on January 25, 2023 at 3:19 PM

Torrington Savings Bank will do a conventional for 10% down with no PMI if you have good enough credit.

silasmoeckel t1_j5tk1f6 wrote on January 25, 2023 at 1:53 PM

Same difference, point being dont need 20% down

secretmuffinsauce t1_j5tin1v wrote on January 25, 2023 at 1:42 PM

Bold of you to assume any seller will work with FHA financing

silasmoeckel t1_j5ttzrk wrote on January 25, 2023 at 3:05 PM

Thats never seemed to be a problem sellers dont want to give back deposits.

secretmuffinsauce t1_j5vxeb5 wrote on January 25, 2023 at 10:53 PM

What? Has nothing to do with deposit. Sellers take conventional and cash offers allllllllll day over FHA and VA. sellers don’t want to fix anything and FHA appraisals more often than not require repairs or adjustments.

silasmoeckel t1_j5x04sh wrote on January 26, 2023 at 3:25 AM

Cash only is cash only and even then some types of loans considered good as cash.

Nothing stopping you from getting conventional approval and switching to a FHA. They want to back out post deposit thats up to them but they have lost time/opportunity at that point. After all you can get approved for some very bad coventialy loans and horrid DTI, does not mean it makes sense to buy a home with them.