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re: First time home buyer info needed
Posted on 9/27/17 at 10:25 pm to LSU1018
Posted on 9/27/17 at 10:25 pm to LSU1018
We are looking right now. We are looking in the 300k range. Got about 20k to put down. We’ve been to two loan officers. Had some conflicting feedback on FHA and conventional. I just want to make the most educated decision.
4
Posted on 9/28/17 at 12:50 am to TigerGM
quote:
We are looking right now
Where are you looking? A handful of miles can make the difference in the types of programs you will be eligible for. Some loans also have strict stipulations on the condition of the house.
Posted on 9/28/17 at 5:58 am to TigerGM
quote:
Had some conflicting feedback on FHA and conventional.
What specifically did you hear that doesn't jive? The difference in the two products isn't that complicated.
Posted on 9/28/17 at 7:05 am to TigerGM
The rate on FHA and conventional may not be the same but you won't know that until you find your property bc rates change daily. Most people with good credit go conventional bc it's normally the better deal. FHA you can't remove the pmi. Conventional, you can get PMI removed once you reach 78% loan to value I think but it's a process. You have to contact the lender and then you will have to pay for the appraisal out of your pocket.
Do you have a realtor helping you? If not, put your email down and I'll shoot you some other things to look for when choosing loan officer, title company, etc. If you do have a realtor, they should be able to help you but don't blindly trust who they recommend. Call people yourself to quote their fees.
Do you have a realtor helping you? If not, put your email down and I'll shoot you some other things to look for when choosing loan officer, title company, etc. If you do have a realtor, they should be able to help you but don't blindly trust who they recommend. Call people yourself to quote their fees.
Posted on 9/28/17 at 10:56 am to TigerGM
You should look into getting a conventional loan with 5% down. You can also find some lenders willing to give you a higher rate, but no pmi. You will have to do the math to see if that is better for you or not.
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