Interesting. When I bought mine, I went into it with an 815 and thought I'd do really well. I got 3% but was thinking I'd be offered 2.5% back then. We know what's happening in our business, we see everyone's credit reports and rates all the time. It truly didn't make much of a difference because we are 1099's and lenders hate that. From my experience being self-employed is about as hard as it gets when financing a home. They want everything and proof of where each deposit came from down to the last $50.00, profit loss, and just everything in between. Also, if you are borrowing a smaller amount, you won't get the best rate either (they won't disclose that), there is just not enough money to be made off you, and that's the reality speaking to a LO. There are so many variables. The one good thing was that with an excellent credit score, I got the FHA without having to pay the fee with it, and only 3% down. I just had mandatory PMI for 2 years before I could request it removed. I don't remember when Bush thought everyone should own a home or what happened. Frankly, I agree with that. If they can make home ownership more obtainable to people, I think is a positive and get off the rental cycle. Homeowners take pride in their homes, they have security and they get equity...nothing good comes from renting except paying the mortgage for the property owner. jmo |