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Started By
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Rural vs Conventional
Posted on 6/25/13 at 12:03 pm
Posted on 6/25/13 at 12:03 pm
First time buyer here. Trying to decide which one to go with.
I'm getting married in February. The only way we can get Rural is if I'm the only borrower and leave off the fiance. Together we'd be over the threshold.
We aren't putting 20% down...probably around 10%. This is for a 30 year fixed.
Which one should I go with? What's the pros and cons? Are the closing costs cheaper with one or the other? TIA
I'm getting married in February. The only way we can get Rural is if I'm the only borrower and leave off the fiance. Together we'd be over the threshold.
We aren't putting 20% down...probably around 10%. This is for a 30 year fixed.
Which one should I go with? What's the pros and cons? Are the closing costs cheaper with one or the other? TIA
2
Posted on 6/25/13 at 12:14 pm to bwallcubfan
Rural by a long shot
No monthly PMI, but I've heard they are way backed up on processing them
No monthly PMI, but I've heard they are way backed up on processing them
Posted on 6/25/13 at 12:33 pm to Croacka
Are closing costs different for each loan? Or does that not change?
Posted on 6/25/13 at 1:16 pm to bwallcubfan
if you have a strong credit score conventional is the way to go, RD loans have monthly pmi and upfront PMI you finance in the loan. So if your score is over 700 conventional will be a better loan for you.
Posted on 6/25/13 at 1:29 pm to bwallcubfan
rural development is the way to go, but there is a small pmi that's added to the total monthly payment, its very small.
for closing cost, it can vary depending where you go.call me if you want, i'm a broker here in baton rouge, 225-291-7901 x 224,i can give more detail abt rural development program;no fee's on our end.
if your income is below $74,750 you're good to go
for closing cost, it can vary depending where you go.call me if you want, i'm a broker here in baton rouge, 225-291-7901 x 224,i can give more detail abt rural development program;no fee's on our end.
if your income is below $74,750 you're good to go
Posted on 6/25/13 at 1:46 pm to Croacka
quote:
No monthly PMI
It changed about a year ago...there is now monthly PMI on RD.
My RD loan of $175k has a monthly PMI of $58. If I would've gone FHA it would've been around $175/month PMI. Not sure what conventional would've been.
In terms of PMI then yes Rural by a long shot. As of a month ago Rural also beat conventional and FHA in rates.
Posted on 6/25/13 at 2:06 pm to hawkeye007
quote:
So if your score is over 700 conventional will be a better loan for you.
I'm well above that...but how exactly would conventional be better?
This post was edited on 6/25/13 at 2:08 pm
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