Profile picture for bjdavids

Martgage Options?

I am looking to buy my first home and wanted to know what my options are. I am looking at a range of aroung 600k and have 5% to put down. Credit rating is 800+
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February 27 2009 - Glendale
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Replies (16)

You need to talk with a Cali Loan Officer but I am guessing your options are FHA, with only a 5% down payment.
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February 27 2009
Profile picture for Rob Cochems
Yes FHA, or VA if you are a veteran
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February 27 2009

Yep, FHA High Balance is the only option with that down payment.  Your price range will be OK for LA county.

Have you tried posting a request in the ZMM?  That would be a good starting point for you to see what is out there.

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February 27 2009
Profile picture for oldskoolballr
ATTENTION!!!  If you only have 5% to put down you shoudn't be in the market for a $600k home. 
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February 27 2009

What county and state are you looking to purchase a home in?

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February 27 2009
Profile picture for Rob Cochems
They are looking in Provo, UT
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February 27 2009
Profile picture for bjdavids
LA county. CA
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February 27 2009
Profile picture for Clearpoint

Rob with the zinger.......  Rebecca look at the very top it usually will tell you where they are from.

Obviously there are Cali lenders telling you your only options at this point but consider oldskoolballr's response.  There is no rush to purchase especailly in S. Cali so you have plenty of time to increase your downpayment or even financial reserves.  Just my opinion!


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February 27 2009
Profile picture for bjdavids
I understand that waiting is an option however with a monthly rent payment of about $2500 I feel that it would be more benificial to invest that money in a home. Additionally it will take me about 2 - 3 years to save enough money to put 20% down versus the 5% that i currently have.
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February 27 2009
An FHA loan with on a 600K purchase will end up around $4,000-4,200 per month for mortgage, property tax, home insurance and mortgage insurance.

This is quite a bit more than 2,500.  Can you afford that amount?
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February 27 2009
Profile picture for bjdavids
Yes
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February 27 2009
Profile picture for Clearpoint
I see a major flaw in your plan.  Thinking that your downpayment is an investment.  You currently rent for less than your proposed payment after putting down 5% which means this investment is costing you more money each month just to have.  Home values are still declining so you will most likely lose some if not all of your equity in the short run so it's not an investment.  Don't get me wrong I see nothing wrong with purchase a home if you feel it's a good price and it's somewhere you really want to live for a long period of time.  Looking at it as an investment is the wrong approach.
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February 27 2009

Well, you pretty much have one and only one option on a loan, so that should help simplify the process for you!

Most lenders are able to offer FHA product, and if you prefer a broker, you need to make sure they are HUD approved and have access to FHA.

Understand that by using FHA, you will have a hefty UFMIP fee to pay, about $10,000 in this scenario and this separate from all other customary closing costs that need to be paid, however you can finance this fee into your loan amount.

Good luck with your home and loan search!

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February 27 2009
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what is a UFMIP fee?
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February 27 2009
Up Front Mortgage Insurance Premium (UFMIP) is a cost for ALL FHA loans, 1.75% of the loan amount.
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February 27 2009
You have Two options, FHA would be the first, but I hate to see that credit score Not get utilized to the fullest. Second choice is 10% down conventional loan. Call me for specifics!
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February 13 2013
 
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