Credit Advice

The conventional PMI is less than FHA PMI.  The fact that FHA has a streamline refi that you don't need a appraisal is nice but that maybe is a mute pointe right now because rates are so low.  I have had a FHA loan for six months at 5.25% and today I meeting with the loan officer about the streamline FHA refi.  The upfront insurance I payed six months ago is a 75% credit on the streamline this time because how new the original loan is.  Also most banks and lenders require +620 to +640 credit sores to be considered for a FHA loan.  Conventional is +775 in most cases and a great job.  Check with some loan officers and take a look at the payments and cost's of each but do not let them pull your score right away.  Use your CK score until your settled on a deal.  Good Luck.

Thank you for the reply nandog, did you mean conventional loan is +775 or +675? Mine is at 750 on CK, but I think in reality it is in low 700's, because I moved most of the credit card debts to a good rate personal loan. After doing it my total credit utilization became lower than it was before. And knock on wood the overall debt is getting lower from month to month. However I played with prequalifed calculators online and I saw the Conventional loans offered better monthly payments and lower upfront cost. Still, most people whom I know go after FHA and that is what confuses me? Maybe because they don't want to try shopping arround for a conventional mortgage? I have a good job, with a strong large company, a degree and working on masters with no student loans. From the other side I have that personal loan and a some minor credit card debt on 0% balance, now. Therefore, I may need to wait a few more months to save more for the downpayment, closing costs and to decrease the debt. 

They make conventional 5% down loans?  I thought the minimum was 10% for conventional.