What Kind of Home Loan Should I Get?
I have a great credit score and good income. Unfortanetly I don’t have much money for down payment. That’s why I am looking into the option of a FHA government loan but I have to pay for PMI(Private Mortgage Insurance), is this a good loan? By the way this is a 30 year fixed loan. They also told me about a 40 year loan, is there such a thing like this? What kind of APR I should get an adjustable or fix? Anyone can help. I am first time home buyer.
FHA is a great loan to get. You will have PMI on any loan you finance over 80% loan to value. The only way around it is to put 20% down or do a 80/20 split (2 loans 1 @ 80% 1 @ 20% and it is virtually unavailable these days).
Besides the PMI is tax deductible for the next couple of years. The PMI amount you will pay on FHA is less than a conventional loan. On a 150k FHA loan you would pay about $60/mo, for a conv loan you would pay about $120/mo. Yes there is a 40 year, but only on conventional, and the rate would be higher than a 30 year, so your payment would probably be the same when you include the PMI as an FHA 30 yr loan.
GET A FIXED RATE!!!! I can not stress this enough. Depending on your state and points paid, your APR should range from 5.875 – 6.75.
Congrats on your first home!
FHA- GOVERNMENT MORTGAGE LOW INTEREST LOAN, THROUGH A BROKER: January 22, 2009, 10:23 AM
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