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re: First time House Buyer....advice/ suggestions?
Posted on 3/1/13 at 9:03 pm to Civildawg
Posted on 3/1/13 at 9:03 pm to Civildawg
quote:
Posted by Civildawg I don't think there is an income limit on rd loan, I could be wrong though
Really? What makes you say this? I had seen that it was 75K somewhere
Posted on 3/2/13 at 6:45 am to Brettesaurus Rex
Background: I just bought a house in Geismar, 227K got a conventional 30yr loan with 3.5% through Iberia bank (great to work with Btw). Most peoples first home is not your last home, why strech yourself so thin by putting 20% down. PMI is not as bad as people make it out to be Espcially if you have good credit and put around 10% down. Ther is a a special deal many people don't know about called super premium mortgage insurance and it is a one time PMI paid at closing. This one time PMI will cancel its self out in only 2 years well worth the extra cost. On my home it was only an additional 2500 if I remember correctly. My note with taxes and insc runs $1172, not bad at all. Biggest thing is trying to negotiate the most closing costs covered possible=more money in your pocket. Goodluck.
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Posted on 3/2/13 at 7:29 am to Brettesaurus Rex
quote:
Really? What makes you say this? I had seen that it was 75K somewhere
You're right. It's $74,750 in the BR area for a family of 4 or less.
Posted on 3/2/13 at 8:46 pm to Brettesaurus Rex
If there was, I am below it. I think it was around 75 or 80k
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