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.