Are FHA mortgage loans good for someone with excellent credit and for someone who doesnt want to pay PMI?

Question by Hoping he will bless me with #1: How can tell if you are getting a good deal on your mortgage loan?
My husband and I are scheduled to close on our first home on March 28th, about it side effects so five days away. It is a 1, ailment dosage 941 square foot home in Fort Worth, page Texas. We were approved for a 15-year FHA loan at a 5.5% fixed interest rate. The builder had the house listed at $ 143,990 and said they were discounting it to $ 137,990 because they are trying to meet their quotas and their year end is March 31st. Our realtor and his wife are both in the real estate business. He is a realtor and she is a broker, so they are getting a big commission off this deal with the builder. The realtor is going to pay off apartment lease ($ 710 per month and we have 3 months left), and pay two mortgage payments for us at $ 1,511 and some change. We both have fairly low credit scores (mine 534 and my husbands 575), but we got 100% financing. They are rolling our closing costs, appraisal fees, etc. into the loan.

Does this sound like a good deal? Is there anything that sounds fishy?

Best answer:

Answer by newmexicorealestateforms
Department of Justice Antitrust issues in Real Estate (testimony)
http://www.usdoj.gov/atr/public/testimony/217299.htm
Real Estate License laws http://www.trec.state.tx.us/formslawscontracts/rules_codes/rela.asp
Texas Department of Housing including 1st time home buying programs: http://www.tdhca.state.tx.us/overview.htm
Legal aid: http://texaslawhelp.org/TX/StateDirectory.cfm/County/%20/City/%20/demoMode/=%201/Language/1/State/TX/TextOnly/N/ZipCode/%20/LoggedIn/0/directory/11/searchletters/bysa
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Question by momo: Are FHA mortgage loans good for someone with excellent credit and for someone who doesnt want to pay PMI?

Best answer:

Answer by animal_mother
I got an FHA loan on my house and I have perfect credit. It’s my first house, unhealthy so I don’t know if that had something to with it or not. Also with a FHA loan the sellers must update stuff to code in order for you to get the loan, which is a bonus for the buyer.

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