I am pulling a mortgage here in a couple weeks.
My middle Score is 680.
DTI is 24/37
I can go either FHA 3.5% down or Conventional 5% down.
I have the 5% down, and seller is paying closing costs so I can go Conventional. However it will leave me with barely any reserves in the bank.
I really want to go Conventional because after my other house sells, i will have the $ for 20% down and will be able to lose the PMI in the next year.
My lender is out of her office until Tuesday, so I was just wondering on what is needed for reserves when going conventional.
Also what is typical closing time on a Conventional and FHA Mortgage?