I am applying for a first time mortgage. My son is on SSI and we are using home choice for down payment assistance. This requires him to be a co- borrower and use his income $718 monthly and his credit of with he has none. My credit is 740 and my income including ot is $ 29,000 a year. We were quoted a unlocked rate of 5 % is this average for fha? The home we would purchase is $ 137000. My other "credit " oblgations are just a car loan of $171. (2 and 1/2 years into a 6 year loan ) and down payment assistance will provide $ 12500 seller would pay closing cost.
Read more: Is my fha mortgage rate too high?
