Funny you mention “spreadsheet city”—I’ve got a graveyard of Excel files from my first few deals. I get what you’re saying about FHA being the practical route, especially with a 580-ish score and limited down payment. But I’ll admit, I’ve always been a little wary of jumping in too fast with FHA just because it’s accessible. That mortgage insurance premium (MIP) really adds up over time, and it’s not always easy to get rid of unless you refinance.
“If you can swing waiting and bumping your score, it might save you some cash long-term, but there’s no perfect answer.”
I’d actually push back a bit here—waiting can be worth it, even if it means renting a bit longer or hustling to pay down debt. I once waited an extra year to get my score from 610 to 680, and the difference in rates and PMI was honestly wild. It felt like a slog at the time, but looking back, it saved me thousands.
Not saying FHA is a bad move, just that sometimes patience pays off more than it feels like in the moment. The paperwork, though... yeah, that’s a universal headache.
Honestly, I’m with you on the MIP—it’s sneaky how much it adds up, especially if you’re not planning to refi soon. I’ve seen folks jump in with FHA just because they could, then regret it once those monthly costs start to bite. Waiting isn’t fun, but sometimes it’s the least painful option in the long run. The paperwork is brutal either way, though... can’t escape that part.
Yeah, that MIP really sneaks up on you. When I bought with a 590 score, I figured I’d just refi in a year or two—didn’t count on rates jumping and being stuck with that extra cost. Honestly, if you can wait and get your score up, it’s worth it. The paperwork’s a nightmare either way, but at least you’re not paying for it every month.
Honestly, if you can wait and get your score up, it’s worth it.
I totally get that, but waiting felt impossible for me—rent was just eating me alive. Did you try any of those rapid rescore tricks before you bought, or just ride it out? I keep hearing mixed things about how much they actually help.
Did you try any of those rapid rescore tricks before you bought, or just ride it out?
I actually looked into rapid rescore, but in my case, it didn’t move the needle much. It’s really only useful if you’ve got errors or recent payoffs that haven’t hit your report yet. Otherwise, it’s not a magic fix. I ended up biting the bullet and buying with a lower score—yeah, the rate stung, but rent was killing me too. Sometimes waiting just isn’t realistic.
