Zillow Advice: Mortgage - 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 http://www.zillow.com/advice-thread/is-a-FHA-loan-the-only-way-for-us-if-we-can%27t-put-more-than-5-down-how-much-extra-is-a-FHA-loan/338651/ Zillow Advice | Zillow Real Estate Pete..Why was this dumb? ... http://www.zillow.com/advice-thread/is-a-FHA-loan-the-only-way-for-us-if-we-can%27t-put-more-than-5-down-how-much-extra-is-a-FHA-loan/338651/ Pete..<br/>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. Tue, 06 Apr 2010 16:50:00 GMT http://www.zillow.com/advice-thread/is-a-FHA-loan-the-only-way-for-us-if-we-can%27t-put-more-than-5-down-how-much-extra-is-a-FHA-loan/338651/ 2010-04-06T16:50:00Z FHA requires 3.5% down.&nbsp; ... http://www.zillow.com/advice-thread/is-a-FHA-loan-the-only-way-for-us-if-we-can%27t-put-more-than-5-down-how-much-extra-is-a-FHA-loan/338651/ FHA requires 3.5% down.&nbsp; But you also have an upfront MIP fee which was just increased April 5th to 2.25% of the Loan Amount.&nbsp; Conventional financing through Fannie Mae or Freddie Mac requires 5% down.&nbsp; There is no upfront MIP fee, but your monthly Mortgage Insurance will be higher.&nbsp; Depending on the Lender and the rates available, it is hard to say which option would be better for you.&nbsp; Feel free to contact me. Tue, 06 Apr 2010 14:34:00 GMT http://www.zillow.com/advice-thread/is-a-FHA-loan-the-only-way-for-us-if-we-can%27t-put-more-than-5-down-how-much-extra-is-a-FHA-loan/338651/ 2010-04-06T14:34:00Z Nice serve Pete! http://www.zillow.com/advice-thread/is-a-FHA-loan-the-only-way-for-us-if-we-can%27t-put-more-than-5-down-how-much-extra-is-a-FHA-loan/338651/ Nice serve Pete! Tue, 30 Mar 2010 20:14:00 GMT http://www.zillow.com/advice-thread/is-a-FHA-loan-the-only-way-for-us-if-we-can%27t-put-more-than-5-down-how-much-extra-is-a-FHA-loan/338651/ 2010-03-30T20:14:00Z If you check with a mortgage ... http://www.zillow.com/advice-thread/is-a-FHA-loan-the-only-way-for-us-if-we-can%27t-put-more-than-5-down-how-much-extra-is-a-FHA-loan/338651/ <p>If you check with a mortgage broker...there still MIGHT be a few banks doing&nbsp;5% down conventional. I know that what 1 of my buyers used few months back..&nbsp;</p> Tue, 30 Mar 2010 18:48:00 GMT http://www.zillow.com/advice-thread/is-a-FHA-loan-the-only-way-for-us-if-we-can%27t-put-more-than-5-down-how-much-extra-is-a-FHA-loan/338651/ 2010-03-30T18:48:00Z Anna- We are all now dumber ... http://www.zillow.com/advice-thread/is-a-FHA-loan-the-only-way-for-us-if-we-can%27t-put-more-than-5-down-how-much-extra-is-a-FHA-loan/338651/ Anna- We are all now dumber for having read your response.&nbsp; If you have nothing of value to add please refrain from wasting everyone's time. Tue, 30 Mar 2010 18:43:00 GMT http://www.zillow.com/advice-thread/is-a-FHA-loan-the-only-way-for-us-if-we-can%27t-put-more-than-5-down-how-much-extra-is-a-FHA-loan/338651/ 2010-03-30T18:43:00Z You may be able to do a loan ... http://www.zillow.com/advice-thread/is-a-FHA-loan-the-only-way-for-us-if-we-can%27t-put-more-than-5-down-how-much-extra-is-a-FHA-loan/338651/ You may be able to do a loan called Home Possible..this program is 3% down. Tue, 30 Mar 2010 17:21:00 GMT http://www.zillow.com/advice-thread/is-a-FHA-loan-the-only-way-for-us-if-we-can%27t-put-more-than-5-down-how-much-extra-is-a-FHA-loan/338651/ 2010-03-30T17:21:00Z FHA rates are a little lower ... http://www.zillow.com/advice-thread/is-a-FHA-loan-the-only-way-for-us-if-we-can%27t-put-more-than-5-down-how-much-extra-is-a-FHA-loan/338651/ FHA rates are a little lower at 95% financing. <a href="http://www.zillow.com/fha-loan/">FHA</a> will have the up front <a href="http://www.zillow.com/mortgage/help/Private-Mortgage-Insurance.htm">mortgage insurance</a> financed into the <a href="http://www.zillow.com/mortgage/">loan</a>. 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. Mon, 29 Mar 2010 02:01:00 GMT http://www.zillow.com/advice-thread/is-a-FHA-loan-the-only-way-for-us-if-we-can%27t-put-more-than-5-down-how-much-extra-is-a-FHA-loan/338651/ 2010-03-29T02:01:00Z You can get 95% conventional ... http://www.zillow.com/advice-thread/is-a-FHA-loan-the-only-way-for-us-if-we-can%27t-put-more-than-5-down-how-much-extra-is-a-FHA-loan/338651/ <p>You can get 95% conventional financing in Swampscott, that's not a guarantee that <a href="http://www.zillow.com/fha-loan/">FHA</a> won't be a better option.</p> Mon, 29 Mar 2010 00:48:00 GMT http://www.zillow.com/advice-thread/is-a-FHA-loan-the-only-way-for-us-if-we-can%27t-put-more-than-5-down-how-much-extra-is-a-FHA-loan/338651/ 2010-03-29T00:48:00Z