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Answers (6)
- Michael Mullin, "WA and CA FHA Expert"
- Contributions:369
Congrats on getting approved for the city down payment assistance program! Keep in mind you are really not putting "20% down" on the home - you probably will only a minimal amount of skin in the game after the city DPA contributes so the over all loan to value will be close to 100%.
Don't sweat the MIP. Avoiding it is irrelevant because you don't have the 20%. Be thankful the city is providing the down payment loan, get fully pre-approved for the loan, and find a nice home.
If you have any questions about the pre-approval process post back or contact us via our profile.
Don't sweat the MIP. Avoiding it is irrelevant because you don't have the 20%. Be thankful the city is providing the down payment loan, get fully pre-approved for the loan, and find a nice home.
If you have any questions about the pre-approval process post back or contact us via our profile.
- MIAGARE
- Contributions:3
My income is low so The city has a first time buyer program in witch I was approved for 40k 2 loan payable at the end of the first loan with 2% int., So with the city loan and my down payment I can be approved for a 140k home.
- wetdawgs
- Contributions:26833
With 20% down, why do you want an FHA loan?
- Will Glidewell, "The Mortgage Planner"
- Contributions:4
Miagara,
Chris is correct in answering your questions, but is there a reason you are going with FHA versus conventional? Don't let a lender stear you to an FHA loan if there is not a valid reason. Wth a 20% down payment, you would likely be better to go with a conventional loan.
Chris is correct in answering your questions, but is there a reason you are going with FHA versus conventional? Don't let a lender stear you to an FHA loan if there is not a valid reason. Wth a 20% down payment, you would likely be better to go with a conventional loan.
I have experienced in the recent past that many clients; of mine no matter how much they have put down with FHA financing has had MIP insurance.
- Chris Milker, "CMG Financial"
- Contributions:255
Yes, you will still have to pay MIP. FHA MIP is mandatory for the first five years of loans with terms of more than 15 years, even if your loan balance reaches 78% of the original home value or sales price.
MIP, if I buy a house with a FHA loan giving 20% DP, do I still have to pay the MIP? for how long?
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