Home loan!

[ThePunisher95]

So when I get my income taxes, I will almost be debt free except for like 4gs that I will o on my 04 Grand Prix that I wanna pay off asap!. Any ways when that happens since Im still waiting for my return, I wanna apply for a home loan! Ive never gotten one, so I dont wanna get screwed! So I have a couple of questions.

Whats the best kind of loan to get?

What company?

Damn I know I have more questions but cant think of any! Any info would be damn appreciated!! Thanks!

Oh yeah Im shooting for a 15 year loan if possible....

[AZSonicSnake]

i would be sure to hit up a credit union. we did ours through desert schools and were very happy with all the details.

[ThePunisher95]

May I ask how much was your loan and how much you pay a month?

[AZSonicSnake]

150k and 1100...faimly plan pricing on our house FTW!

[ThePunisher95]

NIce!! How did you get the family pricing?? Isn't there like a first time home owners thing were you get a discount to?

[AZSonicSnake]

no. we bought the house from the great grandmothers estate. ;)

[ThePunisher95]

Nice!!!

My bro was going to school for I dont know what, but his/her teacher told him that there is a federal thing that you get like a 5% percent discount or something. Cant remember all the details, but I will try to see what he was talking bout

[wickedcobra]

It depends how much the house is your are gonna buy. Being a first time buyer you should be able to get an FHA loan, there is a cap on how much you can borrow. I think it has been recently raised to about 180K. You should be able to get in a house on a FHA loan with zero down. If you dont have 20% down you will end up with PMI (premium mortgage insurance) will cost you about $100 extra per month but it will be in your payment.

I have had my last 3 house with country wide. Im on a 30 year fixed. Country wide has been easy to work with. If you buy a house at 150k for 15 years it will carry a steep payment. My suggestion is just do a 30 year. Set yourself up on a biweekly payment so you are making the extra monthly payment every year and it knocks off about 6 years on your term. Then pay extra if you happen to have the extra money.

[ThePunisher95]

How do I go about a FHA loan? And no I dont have the 20% percent down. I would like Insurance any how, I dont want my house to burn down and have topay for something thats destroyed...

[xecutioner]

FHA loans are hard to come by right now because of the economy right now. alot of places are asking for people to put down a chunk of change in order to get a loan through them. you know i work for desert schools so just hit me up and i'll give you the number to our mortgage guy and he should be able to answer all your questions. he's a cool guy and doesnt mind helping people out.

[ThePunisher95]

Oh yeah I forgot you worked their!! You working Saturday?

[AZSonicSnake]

FHA loans are hard to come by right now because of the economy right now. alot of places are asking for people to put down a chunk of change in order to get a loan through them. you know i work for desert schools so just hit me up and i'll give you the number to our mortgage guy and he should be able to answer all your questions. he's a cool guy and doesnt mind helping people out.

you work there too? my wife works for Desert schools also. :twothumbsup:

[chewbaccajones]

Actually FHA is the way things are going now and probably will be for at least the next year. My wife and I are both in the biz. PM me if you like.

[crazy ray]

Make sure that it's a fixed rate. Alot of people are having their homes foreclosed on because of the adjustable interence rate.

[xecutioner]

no i dont work on saturday but i can get you the number so you can call that guy.

[ThePunisher95]

Text it to me

[wickedcobra]

FHA loans is a gov't loan if Im correct. Im sure most lenders can take care of that for you. Even theough the economy is bad, it is easier to buy a house vs. refinance. You should be able to do it with little or no money down. But Im not in the biz so maybe the boys who are could help more. I have learned a few things over the past years....

[CDW63]

Actually FHA is the way things are going now and probably will be for at least the next year. My wife and I are both in the biz. PM me if you like.

I was wondering if you were going to pipe in on this topic:yes:.

[SuperDust22]

It depends how much the house is your are gonna buy. Being a first time buyer you should be able to get an FHA loan, there is a cap on how much you can borrow. I think it has been recently raised to about 180K. You should be able to get in a house on a FHA loan with zero down. If you dont have 20% down you will end up with PMI (premium mortgage insurance) will cost you about $100 extra per month but it will be in your payment.

I have had my last 3 house with country wide. Im on a 30 year fixed. Country wide has been easy to work with. If you buy a house at 150k for 15 years it will carry a steep payment. My suggestion is just do a 30 year. Set yourself up on a biweekly payment so you are making the extra monthly payment every year and it knocks off about 6 years on your term. Then pay extra if you happen to have the extra money.

He hit is on the head pretty good. I work for compass bank and we have a real good mortgage guy that I could get you into contact with if you want help on getting the ball rolling. Give me a call

Dustin Botkin
Compass Bank
480-783-6850

[chewbaccajones]

I was wondering if you were going to pipe in on this topic:yes:.

Yep, I may not be able to talk about which auto transmission will swap right into a Terminator but I know a thing or 2 about this subject.

[HIKER]

FHA loans are not loans from the gov't, they're just loans from mortgage companies that are federally insured. I do FHA appraisals weekly.

Up to three weeks ago FHA limits where $265K and 5% down with superior credit like 720 or higher. As of two weeks ago the Feds rasied that limit to $345K and still 5% down with good credit.

Also, go fixed 30 years.. 15 is nice if you can afford the extra 20% a month increase over a 30 year loan.

I deal with lenders all over the valley and country and deal with the good and bad.

Shoot me a PM and I can give you a number of a client here in Scottsdale I refer everyone too.

There's some smokin deals out there right now on short sales and foreclosures. I see them daily.

Plus interest is dirt cheap right now.

One tip....If you have a hair up your butt to buy new.....make sure it's already built..as in spec home. DO NOT buy something that hasn't even been started.

Builders are taking 10-12-14 months now to build new homes and some have stop construction all together and left hundreds of buyers hanging.

[FalconGTHO]

At 5% down, do you still have to carry PMI?

[HIKER]

Yes, I was also told they can do 3% down now with FHA.

[chewbaccajones]

At 5% down, do you still have to carry PMI?

You need MI even with 18% down. Anytime you are over 80% Loan To Value, you will need MI.

[FalconGTHO]

Well that sucks.

[chewbaccajones]

If you make less than $100k/year, you can write it off just like mortgage interest though. The gov't enacted that last year and carried it over to this year as well.