Posted by Member shniggies on 12/5/12 06:04 PM
#1
Posts: 909
getting some conflicting information from different ppl, and wanted to get some info from a 3rd source
CA= california, not canada, eh! :) |
any loan officers out there? preferably in CA
Posted by Member Khan on 12/5/12 06:06 PM
#2
Posts: 1195
I'm a banker but in BSA/AML. I may be able to give you some advice based on my knowledge of the process/products.
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Posted by Member shniggies on 12/5/12 06:21 PM
#3
Posts: 909
i'm trying to get a home loan and 1 source says FHA is the way to go, and another says conventional is actually better... it largely depends on the circumstances I guess, but any general guidelines on how to pick?
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Posted by Member Khan on 12/5/12 07:31 PM
#4
Posts: 1195
Definitely depends on the circumstances.
FHA - Less down payment - Less qualifications - Less mortgage amount. Here's a link to the limits in CA - Less interest (usually) - Due to less down payment, must have mortgage insurance until you have paid 25%-30% of loan (forgot the exact number) - Can be much easier to obtain Conventional - More down payment - More qualifications - Can get larger mortgage amounts |
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Posted by Member shniggies on 12/5/12 07:44 PM
#5
Posts: 909
thanks @khan.. the part that i'm particularly interested in is the down payment... supposedly only FHA allows less than 20% down 3.5%, but others are saying that is available in conventional as well...
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Posted by Member Khan on 12/5/12 09:11 PM
#6
Posts: 1195
Its possible. You need to shop around. However, I haven't seen any in this economic environment. |
Posted by Member phamalot on 12/6/12 12:41 AM
#7
Posts: 105
IF you qualify, the FHA does allow under 20% but as @Khan mentioned, it's pretty tough in this economic environment. They're pretty stingy right now and also totally backed up on foreclosures still. I'll pm you in game!
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