Can you buy in this market with 10% down?

[EmilyHicks]

I and my fiancee don’t have enough for a 20% down payment. Can we buy with 10% down payment? With our income making the payment is not difficult. We are planning to buy a house that is between 400-500k which is about three times our pre-tax income.

[UCGal]

I believe FHA lets you buy with a lower downpayment… but there are mandatory PMI costs, and the rate isn’t as good IIRC.

[UCGal]

I believe FHA lets you buy with a lower downpayment… but there are mandatory PMI costs, and the rate isn’t as good IIRC.

[UCGal]

I believe FHA lets you buy with a lower downpayment… but there are mandatory PMI costs, and the rate isn’t as good IIRC.

[UCGal]

I believe FHA lets you buy with a lower downpayment… but there are mandatory PMI costs, and the rate isn’t as good IIRC.

[UCGal]

I believe FHA lets you buy with a lower downpayment… but there are mandatory PMI costs, and the rate isn’t as good IIRC.

[EmilyHicks]

What kind of interest rate would we get with FHA? We have zero debt and both with credit over 800. And what is IIRC?

[EmilyHicks]

What kind of interest rate would we get with FHA? We have zero debt and both with credit over 800. And what is IIRC?

[EmilyHicks]

What kind of interest rate would we get with FHA? We have zero debt and both with credit over 800. And what is IIRC?

[EmilyHicks]

What kind of interest rate would we get with FHA? We have zero debt and both with credit over 800. And what is IIRC?

[EmilyHicks]

What kind of interest rate would we get with FHA? We have zero debt and both with credit over 800. And what is IIRC?

[Scarlett]

If you have 10% down, you shouldn’t go FHA – WAY too expensive in fees. There are enough lenders that will give you a loan with 10% down. Of course you will still have PMI to pay (300-400 extra monthly for that amount). Only catch is that you may have to prove additional funds to pay the PITI for at least 3 months (in addition to your 10% down) – and I don’t know if you retirements count for that.

P.S. rates vary every hour so the question “what rate I would get” is kind of useless…

P.P.S. You can ask HLS (Sheldon). I was in the same boat as you and we got pre-qualed for 10% down loan. We didn’t end up buying but that’s another story.

[Scarlett]

If you have 10% down, you shouldn’t go FHA – WAY too expensive in fees. There are enough lenders that will give you a loan with 10% down. Of course you will still have PMI to pay (300-400 extra monthly for that amount). Only catch is that you may have to prove additional funds to pay the PITI for at least 3 months (in addition to your 10% down) – and I don’t know if you retirements count for that.

P.S. rates vary every hour so the question “what rate I would get” is kind of useless…

P.P.S. You can ask HLS (Sheldon). I was in the same boat as you and we got pre-qualed for 10% down loan. We didn’t end up buying but that’s another story.

[Scarlett]

If you have 10% down, you shouldn’t go FHA – WAY too expensive in fees. There are enough lenders that will give you a loan with 10% down. Of course you will still have PMI to pay (300-400 extra monthly for that amount). Only catch is that you may have to prove additional funds to pay the PITI for at least 3 months (in addition to your 10% down) – and I don’t know if you retirements count for that.

P.S. rates vary every hour so the question “what rate I would get” is kind of useless…

P.P.S. You can ask HLS (Sheldon). I was in the same boat as you and we got pre-qualed for 10% down loan. We didn’t end up buying but that’s another story.

[Scarlett]

If you have 10% down, you shouldn’t go FHA – WAY too expensive in fees. There are enough lenders that will give you a loan with 10% down. Of course you will still have PMI to pay (300-400 extra monthly for that amount). Only catch is that you may have to prove additional funds to pay the PITI for at least 3 months (in addition to your 10% down) – and I don’t know if you retirements count for that.

P.S. rates vary every hour so the question “what rate I would get” is kind of useless…

P.P.S. You can ask HLS (Sheldon). I was in the same boat as you and we got pre-qualed for 10% down loan. We didn’t end up buying but that’s another story.

[Author]

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