Buying A Home
elinrich
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Another FHA question
So yesterday I posted about going FHA and putting more than 3.5% down. After reading responses I talked to my lender today about going conventional to avoid PMI. After comparing numbers I was thinking it was the for sure way to go, but then the lender emails me that we HAVE to go FHA because we haven't sold our current house yet and it makes our debt to income ratio high that we don't qualify for a conventional loan 
I'm bummed. I really need our monthly payments to be as low as possible. So we are stuck with PMI? Everything I've read says no matter how much you put down on an FHA, you have to pay PMI. Is this true? Any advice?
I'm bummed. I really need our monthly payments to be as low as possible. So we are stuck with PMI? Everything I've read says no matter how much you put down on an FHA, you have to pay PMI. Is this true? Any advice?
Re: Another FHA question
I also believe this is true. And as far as the minimum 5 year requirement for paying PMI on an FHA loan - you can refinance out of it at any time, so you could always refinance into a conventional loan at a time that makes sense for you in the near future.
Yes you can refi but that would typically mean paying closing costs on the loan again plus an appraisal. Not that rates are going anywhere in the near future but still.... that's an excess expense that needs to be weighed against the total PMI that would be paid with the FHA loan.