Please Scroll Down to See Forums Below I don't believe so...I did an FHA loan on my first house I bought and don't remember anything like that.
I don't believe so...I did an FHA loan on my first house I bought and don't remember anything like that.
night train
New member
my thoughts exactly
jnevin
New member
Nope. Income salaries are usually for community loans in kind of downtrodden areas. Here we have Utah Housing for people that fit that profile.
Don't go with a TAMI loan either. It's a loan where the lender will pay your mortgage insurance with a higher rate instead of you paying it separately. The payment is always higher than the payment with MI and there's no real advantage to do that since you can write MI off now.
H
heatherrae
Guest
They let me live with them when I was knocked up. That cost them enough...LOL.
night train
New member
is no cap for the 97% portion, only if you wanted to utilize a government grant for the down....
H
heatherrae
Guest
Okay, thanks for the great advice and for the well wishes/concern you guys!
I'll look into the FHA loan. Otherwise, it won't kill us to live in an apartment a little longer, anyway. =-)
I'll look into the FHA loan. Otherwise, it won't kill us to live in an apartment a little longer, anyway. =-)
ricco561
New member
Don't like the van deal?
But if she doesn't have the means to come up with 20% the Tami is a good alternative to getting around the down payment.
jnevin is correct though, you will pay slightly higher interest until you reach the 20% equity and the PMI comes off. Pretty much the same thing except instead of you paying for the PMI, your mortgage company does and you pay them a lil more in interest.
The key to getting around that is to pay more than your regular payment, and as soon as you've reached 20%, your interest rate drops to whatever you locked it in at when signing the contract.
