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babydeelila
LIF Zygote
Member since 5/08 33 total posts
Name:
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First Time Buyer Mortgage
I feel so lost... and frustrated. I just want a house already....
but with that quick vent over, we don't have 15% to put down, more like 5-10%....
What lenders are willing to work with me?
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Posted 1/2/09 12:30 PM  |
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Megs4
LIF Adult
Member since 11/08 1619 total posts
Name:
Megan
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Re: First Time Buyer Mortgage
In the current market, I don't think any of the banks will do a traditional mortgage with less than 10% down, but you can do an FHA loan with as little as 3% down. It's a little bit more paperwork but you can still get great rates and a great mortgage - and I think all of the banks can/will do them.
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| Posted 1/2/09 12:33 PM |
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luckysmom
Yes it is! Going as planned:)
Member since 6/07 5339 total posts
Name:
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Re: First Time Buyer Mortgage
Yes an FHA loan will be good. That's what we are doing. But FHA is a little more work. And there might be some things in the house that has to be done according to FHA. It's a little tougher that a traditional mtg but NOTHING crazy. You should be fine with it.
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| Posted 1/2/09 12:39 PM |
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babydeelila
LIF Zygote
Member since 5/08 33 total posts
Name:
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Re: First Time Buyer Mortgage
TY so much - I will look into this :)
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| Posted 1/2/09 1:40 PM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: First Time Buyer Mortgage
we're only doing 5-10% down, but not FHA. We locked in a few weeks ago at 4.5% and we'll just be paying around $280 per month in PMI
It can certainly be done!!
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| Posted 1/2/09 3:02 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: First Time Buyer Mortgage
Posted by cindy104
we're only doing 5-10% down, but not FHA. We locked in a few weeks ago at 4.5% and we'll just be paying around $280 per month in PMI
It can certainly be done!!
OUCH! $280 per month in PMI?
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| Posted 1/2/09 3:34 PM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: First Time Buyer Mortgage
Posted by rkoenke
Posted by cindy104
we're only doing 5-10% down, but not FHA. We locked in a few weeks ago at 4.5% and we'll just be paying around $280 per month in PMI
It can certainly be done!!
OUCH! $280 per month in PMI?
That's an appx rate...it depends on how much the mortgage will be
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| Posted 1/2/09 5:43 PM |
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gforce
My other love!
Member since 5/08 1744 total posts
Name:
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Re: First Time Buyer Mortgage
you can try SONYMA, it's a longer process, but you don't need 20% down.
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| Posted 1/2/09 6:34 PM |
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