In the market for a new home

[jainm1234]

I am in the market for a new home but don't have a lot for downpayment (I.E. 20%). I do have 3.5-5% to put down at this time. What are my options? I am a first time homebuyer and my fico scores are TU: 762; Eq: 748. I don't have Experian scores. 

I know I can get a FHA loan but for this I have to pay Mortgage Insurance. Is it possible I could get a conventional loan at 5% down without paying Mortgage Insurance?

[Anonymous]

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@jainm1234 wrote:

I am in the market for a new home but don't have a lot for downpayment (I.E. 20%). I do have 3.5-5% to put down at this time. What are my options? I am a first time homebuyer and my fico scores are TU: 762; Eq: 748. I don't have Experian scores. 

I know I can get a FHA loan but for this I have to pay Mortgage Insurance. Is it possible I could get a conventional loan at 5% down without paying Mortgage Insurance?

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It is possible.  Take a look at NFCU mortgage loans.  There is a way to join via a thread in the personal finance section on this board if you don't have military affiliations.  Welcome to the board by the way.

[jainm1234]

Thanks!

Would there be an interest rate difference between an FHA and Conventional Loan?

[Anonymous]

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@jainm1234 wrote:

Thanks!

Would there be an interest rate difference between an FHA and Conventional Loan?

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Interest rate for both loans is dependant on your credit profile so there isn't a definitive answer to your question.  The best answer will come from whomever you decide to go with regarding the mortgage loan.

[Anonymous]

Wow I wish I knew how to gain membership a year ago when I joined this board.

I have never seen 5% down morgage with no PMI. I just looked it up at NFCU and its legit.

WOW!!