Down Payment

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Posted by sportif7

wow that does sound annoying...is that more picky then a normal home inspection would be if it wasn't with a fha...i wonder why it matters

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It's more scrutinizing than a normal loan bc you are putting down less so they are more responsible for the house and dont wanna get beat

We should be closing in 2 weeks!! We are purchasing or 355,000 we put 3.5% down, locked in at 4.0 interest. We r doing FHA as well and if u put down 20% on the loan it isn't an FHA it's a bank loan. At 5 yrs and 20% of the home value the pmi is dropped. It is not there for the full life of the loan.

It's totally overwhelming. We saved 40,000 that will cover down payment closing and leave a chunk in the bank for reserves. It sounds like a lot. We worked w a great mortgage guy who really walked us thru it all. If you want his name and # fm me.
It was a really stressfulm process for us, and took a toll on us while we were looking just make sure u have a realtor u can trust. (we loved our second lady the first was a hot mess).

Good luck!!

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Posted by sportif7

ahh makes sense!! anyone have an experiences with short sales?

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Me...again. Lol.
Sometimes they work great! Not in our case though. We waited about 9 months for the approval bc the bank was still going afyer the homeowner for more money. After we got approved we still had to wait 2 months for some BS crap. Knowing the house would NEVER be approved for FHA as is, we started to fix up the little things before inspector came. 2 weeks before closing, we found out the house would prob cost $90-100,000 to fix as opposed to the estimated $10-15,000 bank told us and since its short sale the fixing up would be on us, not bank or owners. After all that time, money spent, we had to walk away and we refused to look at another short sale

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Posted by ThefutureMrsC

We should be closing in 2 weeks!! We are purchasing or 355,000 we put 3.5% down, locked in at 4.0 interest. We r doing FHA as well and if u put down 20% on the loan it isn't an FHA it's a bank loan. At 5 yrs and 20% of the home value the pmi is dropped. It is not there for the full life of the loan.

It's totally overwhelming. We saved 40,000 that will cover down payment closing and leave a chunk in the bank for reserves. It sounds like a lot. We worked w a great mortgage guy who really walked us thru it all. If you want his name and # fm me.
It was a really stressfulm process for us, and took a toll on us while we were looking just make sure u have a realtor u can trust. (we loved our second lady the first was a hot mess).

Good luck!!

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why do you mention a 'realtor' you can trust? just wondering what to be wary of...i know obviously people want to sell houses but i would think it's not like they can lie...play dumb maybe, but everything is on the paper or public record right?

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Posted by KristyANDMatt224

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Posted by sportif7

ahh makes sense!! anyone have an experiences with short sales?

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Me...again. Lol.
Sometimes they work great! Not in our case though. We waited about 9 months for the approval bc the bank was still going afyer the homeowner for more money. After we got approved we still had to wait 2 months for some BS crap. Knowing the house would NEVER be approved for FHA as is, we started to fix up the little things before inspector came. 2 weeks before closing, we found out the house would prob cost $90-100,000 to fix as opposed to the estimated $10-15,000 bank told us and since its short sale the fixing up would be on us, not bank or owners. After all that time, money spent, we had to walk away and we refused to look at another short sale

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omg wow...that sounds like a nightmare...obviosuly getting married in 2013 so we're not in a rush to move in right now so we figured with knowing they can take a while, it might be worth it to give it a shot...we're looking at one next weekend...and it seems like a lot of people are like if they work for you they are great buys, but i've heard nothing but terrible stories...