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@CreditInspired wrote:
@Anonymous wrote:
@CreditInspired wrote:
@NC_Mtg_Loaner wrote:looks pretty good.....
although I will point out that you're likely going to need 5% for a down payment on a conventional loan UNLESS the property you are purchasing is in a geo-coded area that makes it eligible for a 3% down FNMA Home Ready or FHLMC Home Possible mortgage loan.
YOu can go to FNMA's or Freddie Mac's website to confirm there anyhow.
Congrats.
Do you happen to be a NFCU member?
My wife and I are both NFCU members, but neither are Veterans (family access).
WooHoo!!!!!! You're a member. That's all that is needed to take advantage of their awesome benefits. Go to their product homepage and check out their mortgages. They offer 0% down conventional loans. I know because that's how I financed my home. Also, take advantage of realty referral program. It's a nice cash back after closing on your home.
Awesome! And would the rates be similar to an FHA loan with a 3.5% downpayment? I'm assuming the program you're talking about is the HomeBuyers Choice loan?
@Anonymous wrote:
@CreditInspired wrote:
@Anonymous wrote:
@CreditInspired wrote:
@NC_Mtg_Loaner wrote:looks pretty good.....
although I will point out that you're likely going to need 5% for a down payment on a conventional loan UNLESS the property you are purchasing is in a geo-coded area that makes it eligible for a 3% down FNMA Home Ready or FHLMC Home Possible mortgage loan.
YOu can go to FNMA's or Freddie Mac's website to confirm there anyhow.
Congrats.
Do you happen to be a NFCU member?
My wife and I are both NFCU members, but neither are Veterans (family access).
WooHoo!!!!!! You're a member. That's all that is needed to take advantage of their awesome benefits. Go to their product homepage and check out their mortgages. They offer 0% down conventional loans. I know because that's how I financed my home. Also, take advantage of realty referral program. It's a nice cash back after closing on your home.
Awesome! And would the rates be similar to an FHA loan with a 3.5% downpayment? I'm assuming the program you're talking about is the HomeBuyers Choice loan?
I did not do homebuyer's choice because there was a funding fee. The rate today is 4.5% (of course based on scores, etc.)
So to give you an idea of my scenario: I purchased in March 2018, 5/5 Conventional, 4.25%, $0 down, no points, no origination fee, no PMI. Now some will say the PMI is included, but personally I don't see it that way because other loans I looked at, NFCU still beat them hands-down when you looked at the total cost outlay. Oh yeah, and going through their realty program netted me $1,900 direct deposited to my savings. I couldn't have been happier.
The rate quoted on their site for FHA is as low as 4% with 3.5% down (again dependent on credit profile)
So, the good thing is--you have options for the amount of money you want to layout.
GL2U.