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Additional Details
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daniel | What kind of mortgage should I get, and where from? |
This will be me and my wife's first home and mortgage. Combined we make alittle less than 100k. We are looking at a house around 200k. We have good credit, and our parents would be lending us money for a down payment. We have a car payment and a little left in college loans. |
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Janet P
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You should go with a standard 30 year fixed. Also from somene local, who you meet in person.
Do not give any data to anyone who spams you from here, there are lots of people running cons. |
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Rob
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30 year fixed, check bankrate.com to compare rates. |
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Bob F
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I can't figure out why people come to this site and advise those with questions to disregard some of those offering answers.
It seems pretty condescending to assume that people can't judge for themselves and make up their own mind. And then there are those who repeatedly advise that you should only work with someone that is local to you. Really? What if the local bank doesn't have a program for your needs (do you give up?), or the rates and fees are very high because the particular program that best suits your needs is not their specialty? Or they take advantage of you because they can tell you don't know what you're doing, aren't (properly) shopping, and haven't done your research? Also, is your town the one place in this country where everyone is knowledgeable and honest, so you'd be a fool to talk to "outsiders"? Because Mommy told you not to talk to strangers? And you're afraid of the dark? I'll answer my own questions: that reasoning is childish and ridiculous.
The fact is, many people on here simply don't understand what a mortgage broker (or correspondent lender) does, and certainly don't appreciate the value. Why don't you folks stick to giving your best advice without denigrating others? And if you can't do that, then it is YOU that is doing people a disservice and should stay away from sites like these.
Now, to answer the original question: based on the info you provided, you should not have a problem, and can get "A" rates and fees. In fact, FHA allows for a gift from family members for your down payment, so not only CAN you disclose that to a loan officer, you SHOULD, because it is going to come to light anyway. Another thing to bear in mind: In a "buyer's market" such as this one, many sellers will give allowable "concessions" (up to 6% of the purchase price on FHA loans), which can be applied to closing costs and/or buying down your interest rate (I didn't see any Amateurs revealing this information!), and can save you a tremendous amount of money on a monthly basis, and over the long haul.
You should start by getting pre-approved. It's free, fast, and you have no obligation. And then you can ask a licensed professional every question you may have, and not get misleading advice from (some) people who should stick to what they know. Contrary to what some people on here are advising, this is too important a transaction to take advice from amateurs. |
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Judy1
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Go to a bank - you might be able to get a mortgage there. Go for fixed rate - don't get sucked into an ARM where the rates will skyrocket in a couple years. |
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Big daddy
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There are some good options here, so take some of this in. First, check out this site, www.fha.com. Fha only requires 3% down and you can work with the seller to have them pay more. Next, do some research and check you local, county and state first time homebuyer programs, see what you can qualify for to assist you. Find a good realtor, they can assist you with the home finding process and should be able to help you out with first time programs. The one poster made a great point, you don't want a lender knowing about your parents lending you money, so if your getting that, get it in the bank now. You'll want to investigate mortgage programs. As I stated earlier, FHA only requires 3% down, but your paying mortgage insurance every year. A conventional loan, you need to put 20% down to avoid PMI. Also think about terms of the loan, sit down with your wife and comprise a plan, do you want to structure it over 15, 20, 30 years? A big question is how long are you going to stay in the home, is it less than 7? If so, maybe an arm is an option as why pay principle on something your not staying in. If you plan on staying longer than 5-7 years, then go the fixed route. The term is just as important as rate. The longer the term, the longer your paying, the higher the finance charge total is. You may pay a little higher rate by going 15 or 20, but remember you can write off more interest every year and get a bigger check from uncle sam. Any one that can breathe can put you in a 30 year fixed. But does that fit your families, needs, goals and ambitions? Are you starting a family soon? I hope you see my point. Make sure your mortgage professional LISTENS TO YOU and assists you and your family in reaching YOUR GOALS. Be honest with them about your goals as well. good luck and if you need anything, don't hesitate to ask |
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John P
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If either one of you is a veteran, then by all means use the V.A. to guarantee the loan! You can get into a house for no money down with the V.A.
The classic home loan is underwritten by HUD, and is for 30 years. Don't get suckered in to the new 40 year loans. Your income level seems decent and you don't seem to have a lot of debts. I'd look into a 15-year mortgage, especially if you have a job where you (or your spouse) is paid every other week. The loan is amortized over 15 years and instead of making 12 monthly payments each year, you make 26 payments (every other payday), usually by direct deposit. That's like making an extra month's payment each year!
A 15-year loan will be a little higher than a classic 30-year-fixed interest rate loan, but it will save you THOUSANDS of dollars in interest over a 30-year loan -- and be sure whatever you get, that the interest rate is fixed. It's at about 5.5 percent right now for those with excellent credit ratings.
If you've missed credit card payments, had bad loans, etc., be prepared to pay much higher interest rates. However, if you've been late on a student loan, don't worry, as Sallie Mae and the U.S. Dept. of Education don't report delinquent (or missed) payments unless there is still a balance due after 90 days. If you're tight on cash, request a "hardship deferment" -- anything from getting something negative on your credit report.
Check around with mortgage brokers in your town. Action is slow right now, and mortgage companies are looking for good prospects. With some looking, you should be able to find a broker who is willing to waive points, cut some/most/all closing costs, and may offer to pay for all (or even half) of an appraisal (which runs $300+), as well as a home inspection. (If you are buying a pre-owned home, definitely invest in an inspection -- inspectors are independent and will tell you what condition the house is REALLY in.)
Good hunting! Take you time, check with several mortgage brokers, do your homework. |
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Alan Greenspan
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you make enough to get a 15 year fixed mortgage and it will save you on taxes |
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Steve D
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Also, do not tell the mortgage company you are getting a loan from your parents. Have them give you the money at least 4 weeks in advance (so it is in your account) and have them give you a gift letter that states they are giving you the money. If you tell the mortgage company the money is a loan, they will count it against your debt to income ratio.
Congrats on the home and well done for keeping it within your affordability range. Too many people get sucked into buying homes that are more than they can reasonably afford. Hope you enjoy the home (and don't forget the tax write-offs ;) |
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FRANK
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You can go conventional loan. However, there are also programs like FHA and USDA that allow little or no down payment. I am a mortgage broker. If you want more info, feel free to email me. |
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