Profile picture for livmegsam

is a FHA loan the only way for us, if we can't put more than 5 % down? how much extra is a FHA loan

  • March 28 2010 - Swampscott
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Answers (8)

Pete..
Why was this dumb? This program is a great loan option. 3% down and no upfront MI. The montly is lower then FHA. All I was doing was letting the customer know there are still options. We are still doing this loan. If he was thinking about FHA , this program may be better.
  • April 06 2010
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FHA requires 3.5% down.  But you also have an upfront MIP fee which was just increased April 5th to 2.25% of the Loan Amount.  Conventional financing through Fannie Mae or Freddie Mac requires 5% down.  There is no upfront MIP fee, but your monthly Mortgage Insurance will be higher.  Depending on the Lender and the rates available, it is hard to say which option would be better for you.  Feel free to contact me.
  • April 06 2010
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Profile picture for shapiroamg
Nice serve Pete!
  • March 30 2010
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If you check with a mortgage broker...there still MIGHT be a few banks doing 5% down conventional. I know that what 1 of my buyers used few months back.. 

  • March 30 2010
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Profile picture for PeteSampras
Anna- We are all now dumber for having read your response.  If you have nothing of value to add please refrain from wasting everyone's time.
  • March 30 2010
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You may be able to do a loan called Home Possible..this program is 3% down.
  • March 30 2010
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Profile picture for shapiroamg
FHA rates are a little lower at 95% financing. FHA will have the up front mortgage insurance financed into the loan. FHA monthy mortgage insurance will be less than conventional (95%) private mortg ins. FHA will most likely give you a slightly better payment with 3.5% down.
  • March 28 2010
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You can get 95% conventional financing in Swampscott, that's not a guarantee that FHA won't be a better option.

  • March 28 2010
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