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

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I’ve been in this business as a loan officer for a bunch of years. I must say the info I’ve seen given has been pretty accurate so this is an educated bunch. That said, here’s a summary of what’s out there for home buyers.

Conventional loans:

My Community 97 – Need 3% down and there are some max income restrictions. I believe it’s $84,000 per year in the metro. You get reduced MI coverage and rates are really good. Around 4%.

Conventional 95 – Standard 5% down loan with standard MI. MI coverage depends on your credit score. The higher your score, the less you pay.

Government loans:

FHA – Need 3.5% down payment and can come from gift funds. A good loan if you have spotty credit or a high DTI (debt to income ratio). No BK’s within the last 2 years, no foreclosures within the past 3 years. MI coverage just got much cheaper so this is a good option.

VA – If you receive a military disability check, this is a great option. No down payment and no monthly MI coverage.

Hope this helps and feel free to PM me with any questions.