Requesting Loan advice

[Belinda Arredondo]

First time home buyer. I have excellent credit score, small down payment (under $10k), DTI is at 8% - there's a teacher loan available at my credit union: no down payment required or PMI and it's 103% financing. Loan amount is up to $250K. Any thoughts or advice? Questions I should ask my bank before getting pre-approved? etc. (I live in Texas)

[Poem Turner]

@Belinda Arredondo I agree with what @Tsipora Smith said above. Mortgage brokers are usually a better way to shop than banks or credit unions. CU's rates can be appealing, but they are fairly slow and can be challenging to work with. In the competitive market we have in TX now, sellers are getting multiple offers, and ease of communication with the lender is one of the things they consider when choosing an offer. Financing through a CU can be a red flag to some listing agents.

Good luck in your search!