Portal Forum General General Discussion Home Ownership Reply To: Home Ownership

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mjarz02mjarz02
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I am a recent first time home buyer, just purchased a place in Richfield in December. Depending on your income, there are some good deals for first time home buyers. We were able to qualify for a 30yr fixed with no PMI. There are income restrictions and you have to put at least 3-5% down. It is a conventional loan and you can find more info about it on the mnhosing.gov website. I didnt like the FHA loans because they had two types of PMI that you have to account for. The interest rates arent bad, but the two PMIs can really increase your monthly payment. Ask your mortgage banker and realtor plenty of questions and be sure to look at as many homes as possible. I think we looked at over 50 homes in about 1-2 months before we decided on one.