re: Interest rates buying house

Assuming you are eligible for FHA lending limits

FHA: 255k loan amount puttting 9k down true rate is 3.5% (2.75 +.8 mi) payment is 1211 + taxes/insurance (total interest paid for life if of loan if you make it 159k)

Conventional: 210k loan amount putting 52k down at 4.25 payment is 1033 + taxes/insurance (total interest paid over life of loan 161k)

You really want to put 43k more down to save 180 a month? What if you need that cash after you purchase or that could be used to remodel, pool/jacuzzi/, invest etc

I can help buy a rental property worth 200k with that 43k


You need to stay in this exact loan for 20yrs for it to make sense (imo) and since there is a 97% chance you will not stay in the loan for more than 5-7 yrs (this thread gives all the proof about ppls refinance tendencies) plus the likelyhood of you paying it off in 30yrs is slim why put 20% down

What if 2008 happens again or if foreclosures start heating up cause muh Corona and the value plummets and you put 52k rather then 9k

Maybe tell your broker you want to go borrower paid for cost and the rate could be 2.5% get your realtor to credit you 1pt to cover that

If you can afford an extra 180 then FHA all day especially with these rates