Is FHA always better? I don't see MyCommunity mentioned much and I'm wondering why.
Also, I picked up a financing sheet from an open house and although the interest rate on the FHA loan is lower, the P&I payment is higher. I imagine they left out some important details on this but..
For example - both with 3% down,loan amount= $87k
FHA interest rate = 6.75%, P&I = $771
MyCommunity - interest rate = 7.5%, P&I = $609
The PMI on the MyCommunity was about 5 bucks higher but that is sort of negated by the fact that P&I is lower by ~$160.
These are outdated, just for example. The only quirks I remembered seeing with MyCommunity was the income limit and a homebuyer's class/counseling required. Hm, for loan applications starting 1/1/09. Does that mean if I apply for pre-approval now I'm exempt from the education? Heh..