Zillow Advice: Mortgage Types - Which mortgage is right for us? http://www.zillow.com/advice-thread/Which-mortgage-is-right-for-us/460902/ Zillow Advice | Zillow Real Estate [Website removed by Zillow ... http://www.zillow.com/advice-thread/Which-mortgage-is-right-for-us/460902/ [Website removed by Zillow moderator. Please see our&nbsp;<u><a style="text-align: right;" href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">Good Neighbor Policy</a></u>&nbsp;for posting guidelines.] Tue, 13 Nov 2012 10:08:00 GMT http://www.zillow.com/advice-thread/Which-mortgage-is-right-for-us/460902/ 2012-11-13T10:08:00Z &nbsp; You can do an FHA ... http://www.zillow.com/advice-thread/Which-mortgage-is-right-for-us/460902/ &nbsp; You can do an FHA loan with as little as 3.5% down. FHA guidelines allow for gift funds or state and local government programs to help fill any shortfall. You would have to pay&nbsp;upfront Mortgage insurance of 1.75% of the loan and also monthly Mortgage Insurance for 5 years.<br/><br/> &nbsp;I would also advise trying to avoid paying mortgage insurance. You will pay Mortgage Insurance until your home reaches a 78% LTV ratio. (Loan to Value) or you put&nbsp;20% down.<br/> <br/> &nbsp;In your case you could pay a one time Mortgage Insurance Premium, which&nbsp;will cost less in the long run, compared to the total cost of an FHA loan.&nbsp;If you are only putting 5%, &nbsp;It would have to be lender paid, which would increase you interest rate and in turn your monthly payments.<br/><br/>&nbsp;&nbsp;&nbsp; I normally wouldn't recommend an ARM. But in your case <u><strong>if you know for a fact</strong></u> that you will definitely be moving in 5-7 years. The least expensive route would be a 7 year ARM.<br/><br/>Best of Luck :-)<br/><br/> Mon, 12 Nov 2012 19:42:00 GMT http://www.zillow.com/advice-thread/Which-mortgage-is-right-for-us/460902/ 2012-11-12T19:42:00Z Your 5% down payment will ... http://www.zillow.com/advice-thread/Which-mortgage-is-right-for-us/460902/ Your 5% down payment will dictate an FHA loan. FHA rates are extremely low on these loans right now. An additional feature of these is it is an assumable loan, it may help you sell the home if only staying 5 years.&nbsp; Fri, 21 Sep 2012 23:47:00 GMT http://www.zillow.com/advice-thread/Which-mortgage-is-right-for-us/460902/ 2012-09-21T23:47:00Z Your best bet is to sit down ... http://www.zillow.com/advice-thread/Which-mortgage-is-right-for-us/460902/ Your best bet is to sit down with a few loan officers and see what they can offer you in terms of loan programs, rates, etc. After sitting down with a few of them pick the one that can offer you the best deal for your situation and who you feel the most comfortable with. If you need a few good recommendations feel free to contact me and I will put you in contact with a few reputable LO's we work with regularly.<br/>I hope this helps.<br/><br/><br/>Best Regards,<br/>Robert Adams<br/>Broker/Salesman<br/>[Information removed by Zillow moderator. Please see our&nbsp;<a style="text-align: right;" href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">Good Neighbor Policy</a>&nbsp;for more information.] Fri, 21 Sep 2012 22:59:00 GMT http://www.zillow.com/advice-thread/Which-mortgage-is-right-for-us/460902/ 2012-09-21T22:59:00Z sometimes, you wonder if ... http://www.zillow.com/advice-thread/Which-mortgage-is-right-for-us/460902/ sometimes, you wonder if folks read the whole question....<br/>Have the numbers run, but my guess is FNMA or Freddie paying the MI in a single payment will be way lower. You may run into issues with MI for 95% with that loan amount, which leaves your only option FHA.<br/>Jim Fri, 21 Sep 2012 20:56:00 GMT http://www.zillow.com/advice-thread/Which-mortgage-is-right-for-us/460902/ 2012-09-21T20:56:00Z 1)&nbsp; minimze your costs ... http://www.zillow.com/advice-thread/Which-mortgage-is-right-for-us/460902/ <p>1)&nbsp; minimze your costs and fees if you think this will be a 5-7 yr home<br/>&nbsp;<br/>2) try to avoid paying mortgage insurance&nbsp;&nbsp; if at all possible ( you may need a higher down payment )<br/><br/>3) consider a 30 yr fixed or a 7 yr ARM or a 10yr ARM</p> Fri, 21 Sep 2012 20:46:00 GMT http://www.zillow.com/advice-thread/Which-mortgage-is-right-for-us/460902/ 2012-09-21T20:46:00Z