I am considering a FHA loan. I would like to avoid mortgage insurance if at all possible. Am I allowed to put 20% down or get a piggy back loan for 10-15%? Basically, I'm not sure if a FHA or conventional loan is best.
First-time homebuyer
Credit = 725ish
Pre-qualified for $80k
Probably getting a $70k home.
Please give me some advise. Thanks in advance!
2006-11-28 17:15:30 · 3 answers · asked by amanda 3 in Business & Finance ➔ Renting & Real Estate
With your score, and 20% down payment, it's a no brainer. Don't go FHA. Get a conventional loan, 80% LTV, no PMI.
I wish all my buyers were like you.
And smart too! Buying less than you qualify for. I'm proud of you!
2006-11-28 17:26:41 · answer #1 · answered by teran_realtor 7 · 0⤊ 0⤋
All the help you will need! With your credit you probably will get somewhere around 5-6%, but it doesn't really matter because we have a software that will show you how to pay your home off in 7-10 years anyway, eliminating your interest! Honestly go to www.savingthousandsininterest.com and watch the video and give us a call!
Glad to be of help!
2006-11-28 18:45:58 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Hi Amanda ,
I have had a home Through FHA (Farmers Home Admintstration)
Fixed rate ...varies . They do go by your income monthy.
You can get a fixed rate as low as 6% if you meet requirments.
I would never use anyone else !...lol...lisa
2006-11-28 17:49:10 · answer #3 · answered by LISA W 2 · 0⤊ 0⤋