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You are not subprime...FHA is a government insured program often used for people who can't qualify for other programs, because they'll allow lower ficos and low down payment, but it can be a good program...(just watch the fees) Generally the term Subprime is used for people with lower ficos (think usually less than 620 or 640. Your race certainly has nothing to do with whether you should be in a prime or subprime loan...your credit score does, as well as: **whether you have money in your bank account (that's been sitting there or "seasoned" for at least 2 months), **whether you have enough tradelines (a lot of the banks are looking to see whether you have at least 4-5 tradelines --such as car loans, credit card accounts, anything else that shows you know how to manage credit. **if you have at least 2 years of job history in the same line of work **if you earn at least 2-3 times more each month (before taxes) than your total debt each month (house payment, minimum payments on credit cards, car payment, etc) Only putting 3% down is about 3% more than a lot of first time homebuyers are putting down...usually a 0 down loan for somebody with good credit and meeting the other criteria above would be considered Alt-A (alternative-A) loans...in other words, good loans that don't fit in the standard loan box... Generally speaking, someone with your credit score is likely to be able to qualify for any type of loan you want, and should be getting very good rates and low fees. You are welcome to contact me if you want, and you can fax me over a copy of your good faith estimate and I can give you some feedback as to whether the rates and fees look reasonable. I don't do FHA or Gates loans at this time and I can only do California loans, but I can have an opinion anywhere (and usually do). Katherine :)
Race has zero bearing on anything. FHA does not have any subprime classifications yet, though they've talked about it. A 780 score is basically a perfect credit rating, so that isn't a problem. If you have 3% you want to put down, FHA can be a great option. However, there could be other conventional programs that might offer you a slightly lower rate, or lower monthly payments, because of the mortgage insurance you'll pay on an FHA loan. That being said, FHA is a good product with very good rates. As of today, you should be being offered anywhere from 6.00-6.5%. No way it should be higher than 6.5%. And no more than 1% origination fee or discount point.
If you have a 780 FHA is not for you. Conforming is the way to go. At the very least BC. You can usually keep your 3% for remolding or whatever by getting a 80/20 or 75/25. If you are wanting to do one loan you can do a 100 with BC company but your rates usually start at around 6.99% and up. The best bet for a smaller loan around 250-300K, is to do a 90/10 because you will have Gates on the home but your second will be so small if you choose to refi paying it off will be nothing. Gates FYI is now tax deductible. Even though you are paying it for no reason uncle Sam since you are doing a FANNIE FREDDY loan will thank you buy letting you write it off. FHA for low income low asset persons that have a hard time paying debts or coming up with money for down payments. Hope this helps
You are definitley not sub prime. Instead of an FHA loan you should be looking for a "My Community" or "CHAMP" loan product. The rates are a bit lower and the PMI is much lower and sometimes eliminated all together. You also can get 100% financing and use the 3% to buy new furniture with those programs. They also have higher allowances for home price on top of that.
Being AA has nothing to do with it! Please SUE the bank or lender that is telling you that you're a subprime lender for being a certain ethnicity and call the FTC and state attorney general office! Why must you go with FHA? Rates will be higher and you will pay what's called up front PMI (refundable when you sell).
With a 780 credit score, you would not be considered sub-prime. If anyone is telling you that, find another mortgage person.
Why does your race matter? Stupid. Anyway your credit score is great so you should have no problems getting the load, even with only 3% down
What is subprime? What does your ethnicity have anything to do with you qualifying?