Is there a "slightly less than conventional" loan category?

[DallasLoanGuy]

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@iv wrote:

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@DallasLoanGuy wrote:

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@Anonymous wrote:

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This is good to know as well.....I thought the 97% was income restricted.  It may not help with a crazy interest rate, but it's still an option.  Thanks!

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it is income restricted. last i checked.

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Two options - one has an income restriction (HomeReady), the other requires at least one borrower to count as a "first-time home buyer".

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i seem to remember that now. i think option 2 is kind of new?

[Anonymous]

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@DallasLoanGuy wrote:

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@Anonymous wrote:

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This is good to know as well.....I thought the 97% was income restricted.  It may not help with a crazy interest rate, but it's still an option.  Thanks!

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it is income restricted. last i checked.

with your income though, a down payment shouldnt be a problem. just wait a few more months.

i didnt understand the part about interest rates.

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Everything I have read so far suggests that unless you have scores in the high 700s that your interest rate with a conventional loan will be much higher than an FHA, and that the PMI rate will be much higher as well.  I just want it all---jumbo loan, low down payment, low interest rate and credit scores that are just "good."  Is that too much to ask for, lol??

[cmony787]

Similar boat....you been able to find any good alternatives?

[Anonymous]

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@Anonymous wrote:

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@DallasLoanGuy wrote:

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@Anonymous wrote:

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This is good to know as well.....I thought the 97% was income restricted.  It may not help with a crazy interest rate, but it's still an option.  Thanks!

---

it is income restricted. last i checked.

with your income though, a down payment shouldnt be a problem. just wait a few more months.

i didnt understand the part about interest rates.

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Everything I have read so far suggests that unless you have scores in the high 700s that your interest rate with a conventional loan will be much higher than an FHA, and that the PMI rate will be much higher as well.  I just want it all---jumbo loan, low down payment, low interest rate and credit scores that are just "good."  Is that too much to ask for, lol??

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What state are you in?

[Anonymous]

California--Orange County now, but looking in an area that includes a slice of San Bernardino Cty, Orange and LA Counties. 

[Calidreaming]

I am in about the same position as you 2kids2cats. I am strongly leaning toward NFCU's Homebuyer Choice program.  I'm going to be contacting mortgage brokers this week to see if there are any more possibilities and will update.